The journal of Freebin & Associates includes the following transaction entries for May 20X6 Required 1. Describe each transaction. 2. Post the transactions to the ledger using the following account numbers: Cash, 110: Accounts Receivable. 120: Supplies. 130: Accounts Payable. 210: Note Payable, 230: Leonard Freebin. Capital, 310: Service Revenue, 410; Rent Expense. 510: Advertising Expense, 520: Utilities Expense. 530. Use dates. journal references, and posting refer- ences as illustrated in Exhibit 2-8. You may write the account numbers as posting refer- ences directly in your book unless directed otherwise by your instructor. 3. Compute the balance in each account after posting. Prepare Freebin & Associates trial balance at May 31, 20x6.

Journal Page 5 Date Accounts and Explanation Post. Ref. Debit Credit May 2 Cash. 20,000 Leonard Freebin, Capital... 20,000 5 Cash.. 15,000 Note Payable. 15,000 9 Supplies. 270 Accounts Payable 270 11 Accounts Receivable. 2.630 Service Revenue 2,630 14 Rent Expense. 3,200 Cash 3,200 22 Accounts Payable. 270 Cash 270 25 Advertising Expense. 350 Cash 350 27 27 Cash. 1,400 Accounts Receivable 1,400 31 Utilities Expense. 220 Accounts Payable 220