May 1 The business received cash of $ 120 comma 000$120,000 and issued common stock to Jason WebbJason Webb. 2 Purchased office supplies on account, $ 600$600. 4 Paid $ 49 comma 000$49,000 cash for building and land. The building had a fair market value of $ 42 comma 000$42,000. 6 Performed services for customers and received cash, $ 2 comma 900$2,900. 9 Paid $ 450$450 on accounts payable. 17 Performed services for customers on account, $ 2 comma 500$2,500. 19 Paid rent expense for the month, $ 1 comma 100$1,100. 20 Received $ 1 comma 200$1,200 from customers for services to be performed next month. 21 Paid $ 200$200 for advertising in next month's IT Technology magazine. 23 Received $ 1 comma 900$1,900 cash on account from a customer. 3131 Incurred and paid salaries, $ 1 comma 600$1,600. 1: The business received cash of $ 120 comma 000$120,000 and issued common stock to Jason WebbJason Webb. Date Accounts and Explanation Debit Credit May 1 MayMay 2: Purchased office supplies on account, $ 600$600. Date Accounts and Explanation Debit Credit May 2 MayMay 4: Paid $ 49 comma 000$49,000 cash for building and land. The building had a fair market value of $ 42 comma 000$42,000. Prepare a compound entry. Date Accounts and Explanation Debit Credit May 4 MayMay 6: Performed services for customers and received cash, $ 2 comma 900$2,900. Date Accounts and Explanation Debit Credit May 6 MayMay 9: Paid $ 450$450 on accounts payable. Date Accounts and Explanation Debit Credit May 9 MayMay 17: Performed services for customers on account, $ 2 comma 500$2,500. Date Accounts and Explanation Debit Credit May 17 MayMay 19: Paid rent expense for the month, $ 1 comma 100$1,100. Date Accounts and Explanation Debit Credit May 19 MayMay 20: Received $ 1 comma 200$1,200 from customers for services to be performed next month. Accounts and Explanation Debit Credit May 20 MayMay 21: Paid $ 200$200 for advertising in next month's IT Technology magazine. Date Accounts and Explanation Debit Credit May 21 MayMay 23: Received $ 1 comma 900$1,900 cash on account from a customer. Date Accounts and Explanation Debit Credit May 23 MayMay 3131: Incurred and paid salaries, $ 1 comma 600$1,600. Date Accounts and Explanation Debit Credit May 31