Question 1 - JOURNAL ENTRIES (CLO 2] (3 marks) The ledger accounts given below, with an identification number for each, are used by Young Company Instructions: Indicate the appropriate entries for the month of May by placing the appropriate identification number(s) in the debit and credit columns provided. Item O is given as an example Write "none" if no entry is appropriate, 1. Furniture 7. Salaries and Wages Payable 13. Prepaid Insurance 2. Accounts Receivable 8. Accounts Payable 14. Equipment Expense 3. Supplies 9. Unearned Service Revenue 15. Advertising Expense 4. Service Revenue 10. Notes Payable 16. Owner's Capital 5. Prepaid Advertising 11. Supplies Expense 17. Rent Expense 6. Equipment 12. Owner's Drawing 18. Cash 19. Land 20. Salaries and Wages Expense Account(s) Debited 18 19 Account(s) Credited 16 18 Entry No Entry Information 0. May 1 Owner XAX invested $100,000 in the business. 1. May 4 Land was purchased at a cost of $35,000 2. May 5 Paid a supplier $4,500 cash on account. 3. May 8 Paid $5,800 in cash to Sands Company for May rent. 4. May 10 Purchased supplies for $7,500 cash. The supplies are expected to last through July. 5. May 14 Paid $900 cash to the Mark Jan Gulf News for advertisements run this past week. 6. May 16 Billed customers $9.000 for services rendered. 7. May 19 Received immediate payment of $9,000 from customers for services rendered during the week. 8. May 25 Additional supplies were purchased on account at a cost of $820 from Ace Supplies. These supplies will be used during June. 9. May 26 Received $13,000 from customers for services to be rendered early in June. 10. May 27 Paid City News $700 for an advertisement that will run the first week in June. 11. May 28 Received $4,000 on account from customers. 12. May 30 Owner XAX withdrew $800 for personal use