Question

May 1 The business received cash of $70,000 and gave capital to Zach Webster. 2 Purchased office supplies on account, $780. 4 Paid $47,000 cash for building and land. The building had a fair market value of $42,000 6 Performed services for customers and received cash, $2,900 9 Paid $680 on accounts payable. 17 Performed services for customers on account, $2,100. 19 Paid rent expense for the month. $1,300 20 Received $1,000 from customers for services to be performed next month 21 Paid $500 for advertising in next month's IT Technology magazine. 23 Received $1.500 cash on account from a customer. 31 Incurred and paid salaries, $1.500. Print | Done

Answer 1

Journal entries

Date	account and explanation	Debit	Credit
May 1	Cash	70000
	Owner's capital		70000
May 2	Supplies	780
	Account payable		780
May 4	Land and building	47000
	Cash		47000
May 6	Cash	2900
	Service revenue		2900
May 9	Account payable	680
	Cash		680
May 17	Account receivable	2100
	Service revenue		2100
May 19	Rent expense	1300
	Cash		1300
May 20	cash	1000
	Unearned service revenue		1000
May 21	Advertising expense	500
	Cash		500
May 23	Cash	1500
	Account receivable		1500
May 31	Salaries expense	1500
	Cash		1500