Williams & Associates, Inc. completed the following transactions during October 2013, its first month of operations:
Oct 1 Sold 2,000 shares for $50,000 to Kirsten Williams to start the business.
3 Purchased supplies on account, $300.
5 Paid cash for a building to use for storage, $42,000.
6 Performed service for customers and received cash, $1,600.
11 Paid on accounts payable, $200.
18 Performed service for customers on account, $2,400.
24 Received cash from a customer on account, $800.
31 Paid the following expenses: salary, $500; and rent, $1,200.
Requirement
Using the steps outlined in the five-step transaction analysis, journalize the transactions of Williams & Associates, Inc. List transactions by date. Use the following accounts: Cash, Accounts Receivable, Supplies, Building, Accounts Payable, Common Shares, Service Revenue, Salary Expense, and Rent Expense.