The journal of Ward Technology Solutions,includes the following entries for May,

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
2. Open T-accounts using the following account numbers: Cash, 110; Accounts receivable, 120; Supplies, 130; Building, 140; Accounts payable, 210; Ward, capital, 310; Service revenue, 410; Rent expense, 510; Salary expense, 520.

3. Post to the accounts. Write dates and journal references (use account numbers) in the accounts. Compute the balance of each account after posting.

Explanation / Answer

Cash Account 110 Debit _______|Credit May 1 $75,000|May 4 $53,000 May 6 $ 2,600 |May 9 $ 400 May23 $ 1,900| May 31 $2,000 May31 $ 24,100| Accouts Receivable Acct. 120 Debit _____|Credit May 2 $2,500 |May 9 $1,900 May 31 600 | Supplies Acct. 130 Debit _______|Credit May 2 $500| May 31 $500| Building Acct. 140 Debit _______|Credit May 4 $53,000| May 31$53,000| Accounts Payable Acct. 210 May 9 $400 |May 2 $500 __________|May 31 $100 Ward, capital Acct 310 Debit |Credit ____|May 1 $75,000 ____|May 30 $75,000 Service revenue Acct. 410 Debit |Credit ____|May 6 $2,600 ____|May 17 $2,500 ____|May 6 $5,100 Rent expense Acct. 510 Debit _____|Credit May 31$900| May 31$900| Salary expense Acct. 520 Debit _____|Credit May 31$1,100| May 31$1,100|

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