Problem 1

On 2 May 2022, Elon Musk began a new business, called Space W Inc., company producing food in pills by transforming the air and plants, with the idea of delivering low cost food to all the world citizens. The following transactions were completed by the business during May:

2 May Issued to Elon 1,000 shares of capital stock in exchange for his investment of 5,120,000 cash.

3 May Purchased land and a building for 1,530,000 paying 800,000 cash and signing a note payable for the balance. The interest rate for the Note payable is 3% on annual terms, and it will be paid at maturity which will be may 3^rd 2024. The land was considered to be worth 630,000 and the building the remaining amount.

4 May Purchased robots for 4,000,000 in order to be prepared for the production, and paid cash.

5 May Sold pills for 500,000 to be paid at the end of the month to the customer Prometeus.

31 May Collected the Accounts Receivable in full.

The account titles used by Space W Inc. are as follows:

Accounts Receivable Cash Building Capital Stock Notes Payable Land

Machines Accounts Payable Accounts receivable

Instructions: (1) Record the journal entries for the above transactions. (20 points)

Date	Account Titles	Debit	Credit

(2) Post the journal entries onto the appropriate ledger T accounts. (20 points)