Question

com/courses/35287/assignmer 3686671 rt Lisa Anderson started her own consulting firm, Wildhorse Consulting, on May 1, 2020. The following transactions occurred during the month of May. Trixie invested $6,700 cash in the business. May 1 Paid $850 for office rent for the month. 2 Purchased $700 of supplies on account. 3 5 Paid $160 to advertise in the County News. 9 Received $3,600 cash for services performed. 12 Withdrew $1,000 cash for personal use. 15 Performed $5,800 of services on account. Paid $2,500 for employee salaries. 17 20 Made a partial payment of $500 for the supplies purchased on account on May 3. 23 Received a cash payment of $4,100 for services performed on account on May 15. 26 Borrowed $5,000 from the bank on a note payable. 29 Purchased equipment for $4,100 on account. 30 Paid $300 for utilities. (a)

I have to show the effects of the previous transactions on the accounting equations.

Answer 1

Equity Date Assets Accounts Receivable Supplies Liabilities Accounts Notes Payable Payable Cash Equipment = Capital - Withdrawals + Revenues- Expenses 6700 6700 -850 850 700 700 160 -160 3600 + 3600 -1000 1000 May 01 May 02 May 03 May 05 May 09 May 12 May 15 May 17 May 20 May 23 May 26 May 29 May 30 5800 5800 2500 -500 -2500 -500 4100 5000 -4100 5000 4100 4100 -300 1 300