The following transactions occurred for Ward Technology Solutions:

May 1 The business received cash of $ 75,000 and issued common stock to Zoe Ward.

2 Purchased office supplies on account, $ 500.

4 Paid $ 53,000 cash for building and land. The building had a fair market value of $ 45,000.

6 Performed services for customers and received cash, $ 2,600.

9 Paid $ 400 on accounts payable.

17 Performed services for customers on account, $ 2,500.

19 Paid rent expense for the month, $ 900.

20 Received $ 1,200 from customers for services to be performed next month.

21 Paid $ 500 for advertising in next month’s IT Technology magazine.

23 Received $ 1,900 cash on account from a customer.

31 Incurred and paid salaries, $ 1,100.

Required

1. Open four-column accounts using the following account numbers: Cash, 110; Accounts Receivable, 120; Office Supplies, 130; Prepaid Advertising, 140; Building, 150; Land, 160; Accounts Payable, 210; Unearned Revenue, 220; Common Stock, 310; Service Revenue, 410; Rent Expense, 510; Salaries Expense, 520.

2. Post the journal entries to the four- column accounts and determine the balance in the account after each transaction. Assume that the journal entries were re-corded on page 10 of the journal. Make sure to complete the Post. Ref. columns in the journal and ledger.