The journal of Ward Technology Solutions,includes the following entries for May,
ID: 2348218 • Letter: T
Question
The journal of Ward Technology Solutions,includes the following entries for May, 2012:May 1 The business received cash of $75,000 and and gave capital to the owner.
2 Purchased supplies of $500 on account.
4 Paid $53,000 cash for a building.
6 Performed service for customers and received cash, $2,600.
9 Paid $400 on accounts payable.
17 Performed service for customers on account, $2,500.
23 Received $1,900 cash on account from a customer.
31 Paid the following expenses: salary, $1,100; rent, $900.
Requirements
1. Describe each transaction. For example, the May 4 transaction description could be
Explanation / Answer
May 1 Receive initial capital to operate business 2 Purchase supplies on account 4 Paid cash for buildings 6 Receive cash from revenue 9 Paid cash for supplies on account 17 Record revenue in customer account 23 Receive cash from customer 31 Expenses for salary and rent