Wu & Associates, Inc., completed the following transactions during March 2016, its first month of operations: Mar

Question:

Wu & Associates, Inc., completed the following transactions during March 2016, its first month of operations:

Mar 1 Cold S95.000 of common stock to Jimmy Wu to start the business.

3 Purchased supplies on account, $800.

5 Paid cash for a building to use for storage, $35.000.

6 Performed service for customers and received cash, $1 .500.

11 Paid on accounts payable, $500.

18 Performed service for customers on account, $2.600.

24 Received cash from a customer on account, $900.

30 Paid tile following expenses: salaries, $700: and rent, $1500.

Requirement

Using the steps outlined in the five-step transaction analysis, journalize the transactions of Wu & Associates, Inc. List transactions by date. Use the following accounts: Cash, Accounts Receivable, Supplies, Building, Accounts Payable, Common Stock, Service Revenue, Salaries Expense, and Rent Expense?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...