Question

Х i More Info June 1 Sold $75,000 of common stock to Katie Welch to start the business. 3 Purchased supplies on account, $100. 5 Paid cash for a building to use for storage, $39,000. 6 Performed service for customers and received cash, $2,000. 11 Paid on accounts payable, $50. 18 Performed service for customers on account, $3,200. 24 Received cash from a customer on account, $500. 30 Paid the following expenses: salaries, $500, and rent, $900. Print Done
I need a filled out table for all 8 steps of the problem. Thank you!

Answer 1

Journal Entries:

Date	Accounts Titles and Explanations	Debit	Credit
May. 1	Cash	$75,000
	Common Stock		$75,000
	(To record the issue of common stock for cash)
May. 3	Supplies	$100
	Accounts Payable		$100
	(To record the purchase of supplies on account)
May. 5	Buildings	$39,000
	Cash		$39,000
	(To record the purchase of buildings by cash to use for storage)
May. 6	Cash	$2,000
	Service Revenue		$2,000
	(To record the cash received for services performed)
May. 11	Accounts Payable	$50
	Cash		$50
	(To record the payment of accounts payable)
May. 18	Accounts Receivable	$3,200
	Service Revenue		$3,200
	(To record the services performed on account)
May. 24	Cash	$500
	Accounts Receivable		$500
	(To record the receipt of cash from an account)
May. 31	Salaries Expenses	$500
	Rent Expenses	$900
	Cash		$1,400
	(To record the payment of salaries and rent by cash)