Use Redlands’ 2017 balance sheet from Exhibit 2-1 in your Bergevin and MacQueen textbook as the starting point for this problem. Assume that Redlands had the following transactions in 2018 : Borrowed...

Use Redlands’ 2017 balance sheet from Exhibit 2-1 in your Bergevin and MacQueen textbook as the starting point for this problem. Assume that Redlands had the following transactions in
2018
:

1. Borrowed $80 in cash from a bank at the beginning of 2018.


2. Received $50 cash from the 2017 consulting engagement.


3. Paid $30 cash for the 2017 operating expenses.


4. Earned $60 in consulting revenue for 2018—collected one-half of the revenue in cash.


5. Incurred $35 of operating expenses in 2018—paid $20 of the operating expenses in cash.


6. Recorded 2018 depreciation expense of $15 on the equipment purchased in 2017.


7. Paid $8 of interest for the $80 cash borrowed at the beginning of 2018.

Record the transactions in the general journal.