Woodward Technology Solutions completed the following transactions during August 2007, its first month of operations:

Requirement Record the preceding transactions in the journal of Woodward Technology Solutions. Key transactions by date and include an explanation for each entry; as illustrated in the chapter. Use the following accounts: Cash; Accounts Receivable; Supplies; Building; Accounts Payable; Ron Woodward, Capital; Service Revenue; Salary Expense; Rent Expense.

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Aug. 1 Ron Woodward invested $60,000 of cash to start the business. 2 Purchased supplies of $200 on account. Performed service for customers and received cash, $3,000. 4 Paid $50,000 cash for a building. 6 9 17 Paid $100 on accounts payable. Performed service for customers on account, $2,100. 23 Received $1,200 cash from a customer on account. 31 Paid the following expenses: salary, $1,200; rent, $500.