Question

Score: 0 of 1 pt + 4 of 7 (2 complete E2-17A (book/static) Wu & Associates, Inc., completed the following transactions during March 2018, its first month of operations: (Click the icon to view the transactions.) Requirement 1. Using the steps outlined in the five-step transaction analysis, journalize the transactions of Wu & Associates, In Building, Accounts payable, Common stock, Service revenue, Salaries expense, and Rent expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Mar 1: Sold $95,000 of common stock to Jimmy Wu to start the business Journal Entry Accounts and Explanations Date Debit Credit Mar Choose from any list or enter any number in the input fields and then click Check Answer 7 parts I remaining Clear All Type here to search

Answer 1

Journal Entries:

Date	Account title and explanation	Debit	Credit
May 1	Cash	$95,000
	Common stock		$95,000
	[To record sale of common stock]
May 3	Supplies	$800
	Accounts payable		$800
	[To record purchase of supplies on account]
May 5	Building	$35,000
	Cash		$35,000
	[To record purchase of buildings]
May 6	Cash	$1,500
	Service revenue		$1,500
	[To record collections from customers]
May 11	Accounts payable	$500
	Cash		$500
	[To record cash paid for accounts payable]
May 18	Accounts receivable	$2,600
	Service revenue		$2,600
	[To record services performed on account]
May 24	Cash	$900
	Accounts receivable		$900
	[To record collections from customers]
May 30	Salaries expense	$700
	Rent expense	$1,500
	Cash		$2,200
	[To record paid for salaries and rent]