The business received cash of $105,000 and issued common stock to Zoe Wilke. May 1 2 Purchased office supplies on account, $550. 4 Paid $57,000 cash for building and land. The building had a fair market value of $45,000. 6 Performed services for customers and received cash, $3,600. Paid $350 on accounts payable. 17 Performed services for customers on account, $3,500. 19 Paid rent expense for the month, $1,200. Received $1,500 from customers for services to be performed next month. 20 21 Paid $900 for advertising in next month's IT Technology magazine. 23 Received $3,100 cash on account from a customer. 31 Incurred and paid salaries, $1,700.
The business received cash of $105,000 and issued common stock to Zoe Wilke. May 1 2 Purchased office supplies on account, $550. 4 Paid $57,000 cash for building and land. The building had a fair market value of $45,000. 6 Performed services for customers and received cash, $3,600. Paid $350 on accounts payable. 17 Performed services for customers on account, $3,500. 19 Paid rent expense for the month, $1,200. Received $1,500 from customers for services to be performed next month. 20 21 Paid $900 for advertising in next month's IT Technology magazine. 23 Received $3,100 cash on account from a customer. 31 Incurred and paid salaries, $1,700.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Use the following information to answer Exercises E2-18 and E2-19.
The following transactions occurred for Wilke Technology Solutions:
Analyzing and journalizing transactions
Journalize the transactions of Wilke Technology Solutions. Include an explanation with each
Transcribed Image Text:The business received cash of $105,000 and issued common stock to
Zoe Wilke.
May 1
2 Purchased office supplies on account, $550.
4 Paid $57,000 cash for building and land. The building had a fair market
value of $45,000.
6 Performed services for customers and received cash, $3,600.
Paid $350 on accounts payable.
17
Performed services for customers on account, $3,500.
19
Paid rent expense for the month, $1,200.
Received $1,500 from customers for services to be performed next
month.
20
21
Paid $900 for advertising in next month's IT Technology magazine.
23
Received $3,100 cash on account from a customer.
31
Incurred and paid salaries, $1,700.
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