Chapter 2, Problem 2.19E

Use the following information to answer Exercises E2-18 and E2-19.

The following transactions occurred for Wilson Technology Solutions:

May 1	The business received cash of $85,000 and issued common stock to Zack Wilson.
2	Purchased office supplies on account. $550.
4	Paid $57,000 cash for building and land. The building had a fair market value of $48,000.
6	Performed services for customers and received cash, $3,600.
9	Paid $450 on accounts payable.
17	Performed services for customers on account, $3,400.
19	Paid rent expense for the month, $1,400.
20	Received $1,300 from customers for services to be performed next month.
21	Paid $300 for advertising in next month’s IT Technology magazine.
23	Received $2,600 cash on account from a customer.
31	Incurred and paid salaries, $1,200.

Posting journal entries to four-column accounts

Requirements

1. Open four-column accounts us in g the following account numbers: Cash, 11 0; Accounts Receivable, 120; Office Supplies, 130; Prepaid Advertising, 140; Building, 150; Land, 160; Accounts Payable, 2 10; Unearned Revenue, 220; Common Stock, 310; Service Revenue, 4 10; Rent Expense, 5 10; Salaries Expense, 520.

2. Post the journal entries to the four-column accounts, and determine the balance in the account after each transaction. Assume that the journal entries were recorded on page 10 of the journal. Make sure to complete the Post. Ref. columns in the journal and ledger.