Question

The following transactions occurred for Wilke Technology Solutions: 

May 1: The business received cash of $86,000 and issued common stock to Adam Wilke. 

Answer 1

Date	Account title	Debit	Credit
1-May	Cash	$ 86,000
	Common Stock		$ 86,000
	(To record issuance of common stock)
2-May	Office supplies	$        770
	Cash		$        770
	(To record purchase of supplies)
4-May	Building	$ 43,000
	Land	$ 12,000
	Cash		$ 55,000
	(To record purchase of land and building)
6-May	Cash	$    2,900
	Service revenue		$    2,900
	(To record service performed for cash)
9-May	Accounts payabl	$        620
	Cash		$        620
	(To record cash payments on account)
17-May	Accounts receivable	$    2,000
	Service revenue		$    2,000
	(To record service performed on account)
19-May	Rent expenses	$    1,000
	Cash		$    1,000
	(To record payment of rent expense)
20-May	Cash	$    1,800
	Unearned revenue		$    1,800
	(To record cash received in advance)
21-May	Prepaid advertising	$        700
	Cash		$        700
	(To record prepayment of advertising expense)
23-May	Cash	$    1,300
	Accounts receivable		$    1,300
	(To record cash received on account)
31-May	Salaries expenses	$    1,900
	Cash		$    1,900
	(To record salaries paid)

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