EXERCISE 28 (LO2)

Required: Post the following transactions to the appropriate accounts:

1. Issued share capital for $5,000 cash (posted as an example).

2. Paid $900 in advance for three months' rent, $300 for each month.

3. Billed $1,500 to customers for repairs completed today.

4. Purchased on credit $2,000 of supplies to be used next month.

5. Borrowed $7,500 from the bank.

6. Collected $500 for the amount billed in transaction (3).

7. Received a $200 bill for electricity used to date (the bill will be paid next month).

8. Repaid $2,500 of the bank loan.

9. Used $800 of the supplies purchased in transaction (4).

10. Paid $2,000 for the supplies purchased in transaction (4).

11. Recorded the use of one month of the rent paid for in transaction (2).

pass journal entries