May 1: The business received cash of $86,000 and issued common stock to Zachary Webster. CASH Account No. 110 Balance Date Item Post. Ref. Debit Credit Debit Credit May 1 COMMON STOCK Account No. 310 Balance Date Item Post. Ref. | Debit Credit Debit Credit May 1 CNN Date Accounts and Explanation Debit Credit May 1 86,000 86,000 May 2 650 Cash Common Stock Issued common stock in exchange for cash. Office Supplies Accounts Payable Purchased office supplies on account Building Land 650 May 4 43,000 4,000 Cash 47,000 Paid cash for building and land. Cash May 6 2,200 2,200 Service Revenue Performed services and received cash. Accounts Payable May 9 Cash 500 May 17 2,900 2,900 Paid cash on account Accounts Receivable Service Revenue Performed services on account Rent Expense Cash Paid cash expenses. Cash May 19 1,500 1,500 May 20 1,900 1,900 May 21 Unearned Revenue Collected cash for future services. Prepaid Advertising Cash Paid advertising in advance. Cash 100 May 23 2,100 Accounts Receivable 2,100 Received cash on account. Salaries Expense May 31 1,600 Cash 1,600 Paid cash expenses. A More Info May 1 The business received cash of $86,000 and issued common stock to Zachary Webster. 2 Purchased office supplies on account, $650. 4 Paid $47,000 cash for building and land. The building had a fair market value of $43,000. 6 Performed services for customers and received cash, $2,200. 9 Paid $500 on accounts payable. 17 Performed services for customers on account, $2,900 19 Paid rent expense for the month, $1,500. 20 Received $1,900 from customers for services to be performed next month. 21 Paid $100 for advertising in next month's IT Technology magazine. 23 Received $2,100 cash on account from a customer 31 Incurred and paid salaries, $1,600. Print Done May 1: The business received cash of $86,000 and issued common stock to Zachary Webster. CASH Account No. 110 Balance Date Item Post. Ref. Debit Credit Debit Credit May 1 COMMON STOCK Account No. 310 Balance Date Item Post. Ref. | Debit Credit Debit Credit May 1 CNN Date Accounts and Explanation Debit Credit May 1 86,000 86,000 May 2 650 Cash Common Stock Issued common stock in exchange for cash. Office Supplies Accounts Payable Purchased office supplies on account Building Land 650 May 4 43,000 4,000 Cash 47,000 Paid cash for building and land. Cash May 6 2,200 2,200 Service Revenue Performed services and received cash. Accounts Payable May 9 Cash 500 May 17 2,900 2,900 Paid cash on account Accounts Receivable Service Revenue Performed services on account Rent Expense Cash Paid cash expenses. Cash May 19 1,500 1,500 May 20 1,900 1,900 May 21 Unearned Revenue Collected cash for future services. Prepaid Advertising Cash Paid advertising in advance. Cash 100 May 23 2,100 Accounts Receivable 2,100 Received cash on account. Salaries Expense May 31 1,600 Cash 1,600 Paid cash expenses. A More Info May 1 The business received cash of $86,000 and issued common stock to Zachary Webster. 2 Purchased office supplies on account, $650. 4 Paid $47,000 cash for building and land. The building had a fair market value of $43,000. 6 Performed services for customers and received cash, $2,200. 9 Paid $500 on accounts payable. 17 Performed services for customers on account, $2,900 19 Paid rent expense for the month, $1,500. 20 Received $1,900 from customers for services to be performed next month. 21 Paid $100 for advertising in next month's IT Technology magazine. 23 Received $2,100 cash on account from a customer 31 Incurred and paid salaries, $1,600. Print Done