Question

Required: 1. Enter the amount of each transaction on individual items of the accounting equation. Do not determine new account balances after each transaction. (Enter the transactions in the given order. Enter reductions to account balances with a minus sign.) + Assets Accounts Receivable = - Liabilities Accounts Payable Equity Dividends Date Office Equipment Cash + Common Stock Revenues - Expenses May 1 + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + $ 0 $ + + + +

Answer 1

		Assets					=	Liabilities	+	Equity
Date		Cash	+	Accounts Receivable	+	Office Equipment	=	Accounts Payable	+	Common Stock	-	Dividends	+	Revenues	-	Expenses
May	1	$42,500	+		+		=		+	$42,500	-		+		-
	1	-$2,200	+		+		=		+		-		+		-	$2,200
	3		+		+	$1,920	=	$1,920	+		-		+		-
	5	-$740	+		+		=		+		-		+		-	$740
	8	$5,700	+		+		=		+		-		+	$5,700	-
	12		+	$2,800	+		=		+		-		+	$2,800	-
	15	-$730	+		+		=		+		-		+		-	$730
	20	$2,800	+	-$2,800	+		=		+		-		+		-
	22		+	$3,000	+		=		+		-		+	$3,000	-
	25	$3,000	+	-$3,000	+		=		+		-		+		-
	26	-$1,920	+		+		=	-$1,920	+		-		+		-
	27		+		+	$85	=	$85	+		-		+		-
	28	-$730	+		+		=		+		-		+		-	$730
	30	-$300	+		+		=		+		-		+		-	$300
	30	-$280	+		+		=		+		-		+		-	$280
	31	-$1,500	+		+		=		+		-	$1,500	+		-
		$45,600	+	$0	+	$2,005	=	$85	+	$42,500	-	$1,500	+	$11,500	-	$4,980