2

transaction would be: O Land . Cash . Accounts receivable . ABC Company entered into the following transactions during May, its first month of operations: 60,000 . 25,000 60,000 May 1: May 1: May 3: May 9: May 15: May 18: May 21: May 27: May 31: ABC Company sold common stock to owners in the amount of eee. ABC Company paid $36, eoe cash for office rent for May, June, and July. ABC Company purchased a parcel of land costing $60, eoe by paying $25, eee in cash and agreeing to pay the remainder within sixty days. ABC Company provided $32, eee of services to a customer. The customer paid $12,eee cash on end ABC the ABC $49 , 9 and agreed to pay the balance due by the of the month. Company received and paid utility bills in amount of $14, eee. Company sold the land purchased on May 3 for eee cash. A customer paid $20, eee cash to ABC Company for services to be provided in June and July. The customer from May 9 paid the amount owed to ABC Company. ABC Company received a $9, eee bill for advertising done during May. No payment was made at this time. The journal entry made by ABC Company to record the May 3 25,000 35,000 O Land . Cash . O Accounts payable . Cash Land . O Cash Land . O Accounts receivable Cash Land . O Land . Cash . Accounts payable 25,000 25,000 35,000 25,000 60,000 25,000 25,000 35,000 60,000 . . 25,000 35,000 O no journal entry would be recorded on May 3