Reference no: EM132040737

Question - Lourdes Yabar opened a computer repair business on May 1, 2016. During the first month of operations, the firm had the following transactions.

May 1 Lourdes Yabar invested $30,000 cash in the business.

May 2 Issued Check 101 for $2,000 to pay the rent for May.

May 3 Purchased supplies for $1,450. Paid with Check 102.

May 4 Bought equipment for $9,900. Issued Check 103 for $2,900 as a down payment; balance is due in 30 days.

May 6 Returned damaged supplies, and received a cash refund of $290.

May 12 Performed services for $1,080 on credit.

May 19 Issued Check 104 for $340 to pay for a newspaper advertisement.

May 26 Issued Check 105 for $440 to pay the monthly electric bill.

May 28 Performed services for $780 cash.

May 29 Received $490 on account from credit customers.

May 29 Issued Check 106 for $240 to pay the monthly telephone bill.

May 31 Issued Check 107 for $8,350 to pay a creditor.

May 31 Issued Check 108 for $3,400 to Lourdes Yabar for personal expenses.

Prepare journal entries to record the above transactions.