Walsh & Associates, Inc., completed the following transactions during November 2012, its first month of operations:
Nov 1 Sold $85,000 of common stock to Kenda Walsh to start the business.
3 Purchased supplies on account, $400.
5 Paid cash for a building to use for storage, $40,000.
6 Performed service for customers and received cash, $1,600.
11 Paid on accounts payable, $350.
18 Performed service for customers on account, $2,600.
24 Received cash from a customer on account, $1,300.
30 Paid the following expenses: salaries, $700; and rent, $1,800.

1. Using the steps outlined in the five-step transaction analysis, journalize the transactions of Walsh & Associates, Inc. List transactions by date. Use the following accounts: Cash, Accounts Receivable, Supplies, Building, Accounts Payable, Common Stock, Service Revenue, Salaries Expense, and Rent Expense.

  • CreatedApril 29, 2014
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