Gurjeets Computer Service Centre repairs broken computers and installs anti-virus software as a

value-added service. Gurjeet K. is the shareholder/operator of the business, which started

business in May, 2012.
She wants your help recording the transactions that occurred in May of 2012:
May 1 The shareholder (Gurjeet) deposited $125,000 into the company bank account in
exchange for common shares.
May 3 The company purchased equipment for $2,000 on account.
May 7 The company earned revenue of $5,000. It was paid in full.
May 9 The company borrowed $25,000 in the form of a bank loan the companys intention
was to use the money towards the purchase of a new building.
May 10 The company paid rent of $2,500.
May 11 The company bought a new computer diagnostic tool which cost $10,000. The company
bought the asset on account.
May 14 The company earned revenue of $7,500. The money was not yet received.
May 21 The company paid salaries of $6,000.
May 24 The company paid cash of $128,000 to acquire a building.
May 25 The company paid for the equipment purchased on May 3.
May 26 The company received the service revenue that it earned on May 14.
May 28 The company spent $3,000 on advertising.

1.) Record the transactions. (Give Journal Entries)

2.) Open the necessary T-Accounts
3.) Post Journal Entries to the T-Accounts