May 1: The business received cash of $120,000 and issued common stock to Zachary Graham. May Date Accounts and Explanation Debit Credit May 1 1 The business received cash of $120,000 and issued common stock to Zachary Graham. 2 Purchased office supplies on account, $350. 4 Paid $45,000 cash for building and land. The building had a fair market value of $41,000. 6 Performed services for customers and received cash, $2,100. 9 Paid $150 on accounts payable. 17 Performed services for customers on account, $3,000. 19 Paid rent expense for the month, $400. 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 $2,700 cash on account from a customer. 31 Incurred and paid salaries, $1,700. May 2: Purchased office supplies on account, $350. Date Accounts and Explanation Debit Credit May 2 Requirement May 4: Paid $45,000 cash for building and land. The building had a fair market value of $41,000. Prepare a compound en Joumalize the transactions of Graham Technology Solutions. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Advertising; Building: Land: Accounts Payable; Unearned Revenue; Common Stock; Service Revenue; Rent Expense; and Salaries Expense. Date Accounts and Explanation Debit Credit May 4 Choose from any list or enter any number in the input fields and then continue to the next question. Print Done