Time Remaining: 01 26 36 mplete) This Quiz:5 6 More Info its f May 1The business

Question

Time Remaining: 01 26 36 mplete) This Quiz:5 6 More Info its f May 1The business received cash of $75,000 and gave capital to Zeke Walen 2 Purchased office supplies on account, $650 4 Paid $52,000 cash for building and land. The building had a fair market value of $42,000. 6 Performed services for customers and received cash, $3,500 9 Paid $350 on accounts payable. 17 Performed services for customers on account, $3,600 19 Paid rent expense for the month, $1.100 20 Received $1,700 from customers for services to be performed next month. 21 Paid $100 for advertising in next month's IT Technology magazine 23 Received $3,400 cash on account from a customer 31 Incurred and paid salaries, $1.400 Print Done FLIX 9:36

Explanation / Answer

Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1-May Cash    75,000.00    Zeke Walen, Capital    75,000.00 (record the capital introduced) 2-May Office Supplies          650.00    Accounts Payable          650.00 (record the purchase of supplies on credit) 4-May Land    10,000.00 Building    42,000.00    Cash    52,000.00 (record the purchase of land & Building) 6-May Cash      3,500.00    Service Revenue      3,500.00 (Record the service revenue) 9-May Accounts Payable          350.00    Cash          350.00 (record the cash paid) 17-May Accounts Receivable      3,600.00    Service Revenue      3,600.00 (Record the service revenue) 19-May Rent Expense      1,100.00    Cash      1,100.00 (record the rent paid) 20-May Cash      1,700.00    Unearned Service Revenue      1,700.00 (Record the amount received as advance) 21-May Prepaid Advertising          100.00    Cash          100.00 (record the advertising paid in advance) 23-May Cash      3,400.00    Accounts Receivable      3,400.00 (record the cash received) 31-May Salaries & Wages Expense      1,400.00    Cash      1,400.00 (record the salaries paid)

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.