Question

e	Accounts involved in transaction?	Classification of the account?	Increasing or Decreasing?	Debit or Credit the Account?	Amount?
May 1	The business received cash of $105,000 and gave capital to Zoe Wilke.
	Tell me what happen to the business today in your own words?
	Example: The business got cash from the owner.
	Cash	Asset	Increasing	Debit	$           85,000
	Wilson, Capital	Capital	Increasing	Credit	$           85,000
May 2	Purchased office supplies on account, $550.
May 4	Paid $57,000 cash for building and land. The building had a fair market value of $45,000.
	Land is valued at $12,000.
	This is a compound entry. A compound entry has more than one debit and/or
	more than one credit. Total debits still must equal total credits.
	Cash	Asset	Decreasing	Credit	$           57,000
	Building	Asset	Increasing	Debit	$           45,000
	Land	Asset	Increasing	Debit	$           12,000
May 6	Performed services for customers and received cash, $3,600.
May 9	Paid $350 (cash) on accounts payable.
May 17	Performed services for customers on account, $3,500.
May 19	Paid (cash) for rent expense for the month, $1,200.
May 20	Received $1,500 (cash) from our customers for services to be performed next month.
May 21	Paid $900 (cash) for advertising in next month's IT Technology magazine.
May 23	Received 3,100 cash on account from a customer.
May 31	Incurred and paid (cash) for salaries, $1,700.

Answer 1