Req. 2 & 3 2. Open T-accounts using the following account numbers: Cash, 110; Ac
ID: 2348238 • Letter: R
Question
Req. 2 & 3
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. 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.Req. 2 & 3
Cash Acct. 110 May 1 75,000 May 31 75,000 Accounts Receivable Acct. 120 May 31 - Supplies Acct. 130 May 31 - Building Acct. 140 May 31 - Accounts Payable Acct. 210 May 31 - Ward, capital Acct 310 May 31 - Service revenue Acct. 410 May 31 - Rent expense Acct. 510 May 31 - Salary expense Acct. 520 May 31 -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
Debit |Credit
____|May 6 $2,600
____|May 17 $2,500
____|May 6 $5,100
Debit _____|Credit
May 31$900|
May 31$900|
Salary expense Acct. 520
Debit _____|Credit
May 31$1,100|
May 31$1,100|
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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