Question

5. The following transactions occurred for Wilke Technology Solutions: 4(Click the icon to view the transactions.) Read the requirement" (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) May 1: The business received cash of $105,000 and issued common stock to Zoe Wilke. Date Accounts and Explanation Debit Credit May 1 CE May 2: Purchased office supplies on account, $550. Date Accounts and Explanation Debit Credit May 2 (6) (10) May 4: Paid $57,000 cash for building and land. The building had a fair market value of $45,000. Prepare a compound entry. Date Accounts and Explanation Debit Credit May 4 (11) (13) (14) (15)

Answer 1

Answer
Date	Accounts and Explanation	Debit	Credit
May-01	Cash	$105,000
	Common Stock		$   105,000
	( To record issue common stock )
Date	Accounts and Explanation	Debit	Credit
May-02	Office supplies	$          550
	Accounts payable		$          550
	( To record purchase of office supplies on account)
Date	Accounts and Explanation	Debit	Credit
May-04	Land and building	$     57,000
	Cash		$     57,000
	( To record purchase of land and building)
Date	Accounts and Explanation	Debit	Credit
May-06	Cash	$       3,600
	Service revenue		$       3,600
	(To record cash received for services performed )
Date	Accounts and Explanation	Debit	Credit
May-09	Accounts payable	$          350
	Cash		$          350
	( To record payment of accounts payable)
Date	Accounts and Explanation	Debit	Credit
May-17	Accounts receivable	$       3,500
	Service revenue		$       3,500
	(To record service revenue)
Date	Accounts and Explanation	Debit	Credit
May-19	Rent expense	$       1,200
	Cash		$       1,200
	( To record payment of rent expense)
Date	Accounts and Explanation	Debit	Credit
May-20	Cash	$       1,500
	Unearned revenue		$       1,500
	(To record unearned revenue)
Date	Accounts and Explanation	Debit	Credit
May-21	Prepaid advertising	$       1,100
	Cash		$       1,100
	( To record prepaid advertising)
Date	Accounts and Explanation	Debit	Credit
May-23	Cash	$       3,100
	Accounts receivable		$       3,100
	(To record received Cash)
Date	Accounts and Explanation	Debit	Credit
May-31	Salaries expense	$       1,700
	Cash		$       1,700
	( To record salaries expense)

Please like