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

The following transactions occurred for Ward Technology Solutions:

May 1 The business received cash of $ 75,000 and issued common stock to Zoe Ward.

2 Purchased office supplies on account, $ 500.

4 Paid $ 53,000 cash for building and land. The building had a fair market value of $ 45,000.

6 Performed services for customers and received cash, $ 2,600.

9 Paid $ 400 on accounts payable.

17 Performed services for customers on account, $ 2,500.

19 Paid rent expense for the month, $ 900.

20 Received $ 1,200 from customers for services to be performed next month.

21 Paid $ 500 for advertising in next month’s IT Technology magazine.

23 Received $ 1,900 cash on account from a customer.

31 Incurred and paid salaries, $ 1,100.