Question

Nona Curry started her own consulting firm, Teal Mountain Inc., on May 1, 2017. The following transactions occurred during the month of May. Stockholders invested $18,675 cash in the business in exchange for common stock. 2 Paid $747 for office rent for the month. May 1 3 Purchased $622 of supplies on account. 5 Paid $187 to advertise in the County News. 9 Received $1,743 cash for services performed. 12 Paid $249 cash dividend. 15 Performed $5,229 of services on account. 17 Paid $3,112 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $1,494 for services performed on account on May 15 26 Borrowed $6,225 from the bank on a note payable. 29 Purchased office equipment for $2,490 paying $249 in cash and the balance on account. 30 Paid $224 for utilities.

Answer 1

		Balance Sheet
		As on May 31,2017
Assets
Current assets
Cash				22,747
Accounts receivable				3,735
Supplies				622
total current assets					27,104
Equipment					2,490
total Assets					29,594
Liabilities and Stockholders Equity
Liabilities.
Accounts payable				2,241
Notes payable				6,225
Total liabilities					8,466
Stockholder's Equity
Common Stock				18,675
Retained earnings				2,453
total stockholder's Equity					21,128
total liabilities & Stockholder's Equity					29,594