Financial Accounting E2-17 Describing transactions, posting to T-accounts, and preparing a trial balance LO 2,3,4,5 [20-30 minutes] Students please fill-in areas that are shaded Student Name Course Name Student ID: Date: The journal of Ward Technology Solutions, includes the following entries for May, 2018: May 1 The business received cash of $75,000 and and gave capital to the owner. 2 Purchased supplies of $500 on account. 4 Paid $53,000 cash for a building. 6 Performed service for customers and received cash, $2,600. 9 Paid $400 on accounts payable. 17 Performed service for customers on account, $2,500. 23 Received $1,900 cash on account from a customer. 31 Paid the following expenses: salary, $1,100; rent, $900. Requirements 1. Describe each transaction. For example, the May 4 transaction description could be "Paid cash for building." 2. Open T-accounts. 3. Post to the accounts. Write dates and journal references in the accounts. Compute the balance of each account after posting. 4. Prepare the trial balance of Ward Technology Solutions at May 31, 2018. Test Your Knowledge E2-17 Req. 1 May 11 2 NH 4 6 9 17 23 31 Req. 2 & 3 Cash 75,000 May 11 May 31 75,000 Accounts Receivable May 31 Supplies May 31 Building May 31 Accounts Payable May 31 Ward, capital May 31 Service revenue May 31 Rent expense May 31 Salary expense May 31 Req.4 Ward Technology Solutions Trial Balance May 31, 2018 ACCOUNT DEBIT CREDIT Cash 75,000 Accounts Receivable Supplies Building Accounts payable Ward, capital Service revenue Salary expense Rent expense Total $ 75,000 $