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.