Use the following information to answer Exercises E2-18 and E2-19.The following transactions occurred for Wilke Technology Solutions:Analyzing and journalizing transactionsJournalize the transactions of Wilke Technology Solutions. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Advertising; Land; Building; Accounts Payable; Unearned Revenue; Common Stock; Service Revenue; Rent Expense; and Salaries Expense. The business received cash of $105,000 and issued common stock toZoe Wilke.May 12 Purchased office supplies on account, $550.4 Paid $57,000 cash for building and land. The building had a fair marketvalue of $45,000.6 Performed services for customers and received cash, $3,600.Paid $350 on accounts payable.17Performed services for customers on account, $3,500.19Paid rent expense for the month, $1,200.Received $1,500 from customers for services to be performed nextmonth.2021Paid $900 for advertising in next month's IT Technology magazine.23Received $3,100 cash on account from a customer.31Incurred and paid salaries, $1,700.

Name: Use the following information to answer Exercises E2-18 and E2-19.The
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Description: Use the following information to answer Exercises E2-18 and E2-19.The following transactions occurred for Wilke Technology Solutions:Analyzing and journalizing transactionsJournalize the transactions of Wilke Technology Solutions. Include an explanat

Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Answered: The business received cash of $105,000…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 19EA: A business has the following transactions: The business is started by receiving cash from an...

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Use the following information to answer Exercises E2-18 and E2-19.

The following transactions occurred for Wilke Technology Solutions:

Analyzing and journalizing transactions

Journalize the transactions of Wilke Technology Solutions. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Advertising; Land; Building; Accounts Payable; Unearned Revenue; Common Stock; Service Revenue; Rent Expense; and Salaries Expense.

The business received cash of $105,000 and issued common stock to
Zoe Wilke.
May 1
2 Purchased office supplies on account, $550.
4 Paid $57,000 cash for building and land. The building had a fair market
value of $45,000.
6 Performed services for customers and received cash, $3,600.
Paid $350 on accounts payable.
17
Performed services for customers on account, $3,500.
19
Paid rent expense for the month, $1,200.
Received $1,500 from customers for services to be performed next
month.
20
21
Paid $900 for advertising in next month's IT Technology magazine.
23
Received $3,100 cash on account from a customer.
31
Incurred and paid salaries, $1,700.

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