Question

Problem 1-04A -c (Video) Unda Williams started her own consulting firm, ukumber Consulting on May 1, 2020. The following transactions occurred during the month of May. My 1 The invested $7.000 cash in the business 2 Puld 5800 for office rent for the month 1 Purchased $700 of lies on our 5 Pald $200 to advertise in the County 9 Received 54,400 cash for services performed 12 With $1,000 cash for personal 15 Performed $5.900 of Services on court. 17 Pald $2.500 for employee salaries 20 Made apartam ent of $500 for the purchased on account on May 3 23 c da cas part of $3.900 for services performed on account on May 15 26 Borrowed 55.100 from the back on a note pale 29 Purchased mentor 14.300 O L . 30 d $250 for Shoe the effects of the prestations on the c u tion (a transactions Equity item that reduced. See ustration 1-8 for example) in a decrease in Assets, L es or owners Equity place is for the Owner's

Answer 1

700 Asstes Liabilities Owners Equity Cash Account receivables Supplies Equipment = Notes Payable Accounts Payable + Owners Capital Owners Drawings Revenues Expenses 7,000 7,000 (800) 800 700 (200) 200 4,400 4,400 12 (1,000) 1,000 5,900 5,900 17 (2,500) 2,500 201 (500) (500) 23 3,900 (3,900) 5,100 29 4,300 4,300 30 (250) 250 15 t 26 5,100 5,100 15150 2000 700% 43000 5100% 45000 2000 1000 10300

Income statement Amount Revenues Services performed 10,300 Expenses Rent Advertisement Salaries Utility expenses Total 800 200 2,500 250 3,750 Net Profit 6,550

Balance sheet Assets Amount Amount Cash Account Receivables Supplies Equipment 15,150 2,000 700 4,300 Total Assets 22,150 Liabilities Notes Payable Accounts payable 5,100 4,500 Owners equity Owners Capital Owners Drawings Net profit for the period 7,000 (1,000) 6,550 12,550 Total Liabilities 22,150