The following transactions occurred for O'Connor Technology Solutions: View the transactions. Read the requirement. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) May 1: The business received cash of $75,000 and gave capital to Adam O'Connor. Date Accounts and Explanation May 1 Debit C Credit Transactions May 1 May 2 May 4 May 6 May 9 May 17 May 19 May 20 May 21 May 23 May 31 The business received cash of $75,000 and gave capital to Adam O'Connor. Purchased supplies on account, $760. Paid $54,000 cash for building and land. The building had fair marke value of $44,000. Performed services for customers and received cash, $3,200. Paid $510 on accounts payable. Performed services for customers on account, $3,300. Paid rent expense for the month, $1,300. Received $1,500 from customers for services to be performed next month. Paid $200 for advertising in next month's IT Technology magazine. Received $2,700 cash on account from a customer. Incurred and paid salaries, $1,600.
The following transactions occurred for O'Connor Technology Solutions: View the transactions. Read the requirement. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) May 1: The business received cash of $75,000 and gave capital to Adam O'Connor. Date Accounts and Explanation May 1 Debit C Credit Transactions May 1 May 2 May 4 May 6 May 9 May 17 May 19 May 20 May 21 May 23 May 31 The business received cash of $75,000 and gave capital to Adam O'Connor. Purchased supplies on account, $760. Paid $54,000 cash for building and land. The building had fair marke value of $44,000. Performed services for customers and received cash, $3,200. Paid $510 on accounts payable. Performed services for customers on account, $3,300. Paid rent expense for the month, $1,300. Received $1,500 from customers for services to be performed next month. Paid $200 for advertising in next month's IT Technology magazine. Received $2,700 cash on account from a customer. Incurred and paid salaries, $1,600.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter2: Analyzing Transactions Into Debit And Credit Parts
Section: Chapter Questions
Problem 1MP
Related questions
Topic Video
Question
![The following transactions occurred for O'Connor Technology Solutions:
View the transactions.
Read the requirement. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
May 1: The business received cash of $75,000 and gave capital to Adam O'Connor.
Accounts and Explanation
Date
May 1
Debit
Credit
Transactions
May 1
May 2
May 4
May 6
May 9
May 17
May 19
May 20
May 21
May 23
May 31
The business received cash of $75,000 and gave capital to Adam
O'Connor.
Purchased supplies on account, $760.
Paid $54,000 cash for building and land. The building had a fair market
value of $44,000.
Performed services for customers and received cash, $3,200.
Paid $510 on accounts payable.
Performed services for customers on account, $3,300.
Paid rent expense for the month, $1,300.
Received $1,500 from customers for services to be performed next
month.
Paid $200 for advertising in next month's IT Technology magazine.
Received $2,700 cash on account from a customer.
Incurred and paid salaries, $1,600.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa875b780-8a77-4b3a-bbd6-a17b396038a1%2Fceae0f3f-37ad-4fd3-8f75-992bcdc9e605%2F2p2mo72_processed.png&w=3840&q=75)
Transcribed Image Text:The following transactions occurred for O'Connor Technology Solutions:
View the transactions.
Read the requirement. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.)
May 1: The business received cash of $75,000 and gave capital to Adam O'Connor.
Accounts and Explanation
Date
May 1
Debit
Credit
Transactions
May 1
May 2
May 4
May 6
May 9
May 17
May 19
May 20
May 21
May 23
May 31
The business received cash of $75,000 and gave capital to Adam
O'Connor.
Purchased supplies on account, $760.
Paid $54,000 cash for building and land. The building had a fair market
value of $44,000.
Performed services for customers and received cash, $3,200.
Paid $510 on accounts payable.
Performed services for customers on account, $3,300.
Paid rent expense for the month, $1,300.
Received $1,500 from customers for services to be performed next
month.
Paid $200 for advertising in next month's IT Technology magazine.
Received $2,700 cash on account from a customer.
Incurred and paid salaries, $1,600.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
![Financial Accounting: The Impact on Decision Make…](https://www.bartleby.com/isbn_cover_images/9781305654174/9781305654174_smallCoverImage.gif)
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781305088436/9781305088436_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
![Financial Accounting](https://www.bartleby.com/isbn_cover_images/9781337272124/9781337272124_smallCoverImage.gif)
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning