Summary Problem for Your Review The trial balance of Tomassini Computer Service Centre on 1 March 20X5 lists the entity's assets, liabilities and owner's equity on that date. Account title Cash at bank Accounts receivable Balance: Debit Credit $ 26 000 4 500 $ 2.000 28 500 $ 30 500 Accounts payable Larry Tomassini, capital Total $ 30 500 During March, the business engaged in the following transactions: a. Borrowed $45 000 from the bank and signed a bill payable in the name of the business. b. Paid cash of $40 000 to a real estate business to acquire land. c. Performed service for a customer and received cash of $5 000. d. Purchased supplies on credit, $300. e. Performed customer service and earned revenue on credit, $2 600. f. Paid $1 200 on account. g. Paid the following cash expenses: salaries, $3 000; rent, $1 500; and interest, $400. h. Received $3 100 on account. 1. Received a $200 electricity and gas bill that will be paid next week. j. Withdrew $1 800 for personal use. Required 1. Open the following accounts, with the balances indicated, in the ledger of Tomassini Computer Service Centre. Use the T-account format. A Assets-Cash at Bank, $26 000; Accounts Receivable, $4 500; Supplies, no balance; Land, no balance Liabilities Accounts Payable, $2 000; Bill Payable, no balance Owner's Equity-Larry Tomassini, Capital, $28 500; Larry Tomassini, Drawings, no balance Revenues-Service Revenue, no balance Expenses (none have balances) Salary Expense, Rent Expense, Electricity and Gas Expense, Interest Expense 2. For each accounting transaction, give the accounting equation. Then journalise the transaction. Key journal entries by transaction letter. 3. Post to the ledger. 4. Prepare the trial balance of Tomassini Computer Service Centre at 31 March 20X5.