Question

Eli owns an insurance office, while Olivia operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred. May 2 Olivia decides that she will need insurance for a one-day special event at the end of the month and pays Eli $280 in advance. May 5 Olivia provides maintenance services to Eli's insurance offices on account, $415. May 7 Eli borrows $480 from Olivia by signing a note. May 14 Olivia purchases maintenance supplies from Spot Corporation, paying cash of $190. May 19 Ell pays $415 to Olivia for maintenance services provided on May 5. May 25 Eli pays the utility bill for the month of May, $133. May 28 Olivia receives Insurance services from Ell equaling the amount paid on May 2. May 31 ell pays $480 to Olivia for money borrowed on May 7.

Answer 1

2)
ELI'S INSURANCE SERVICES						OLIVIA'S MAINTENANCE SERVICES
	Assets	=	Liabilities	+	Stockholders' Equity	Assets	=	Liabilities	+	Stockholders' Equity
May. 2	$280	=	$280	+		$280	=		+
		=		+		($280)	=		+
May. 5		=	$415	+	($415)	$415	=		+	$415
May. 7	$480	=	$480	+		$480	=		+
		=		+		($480)	=		+
May. 14		=		+		$190	=		+
		=		+		($190)	=		+
May. 19	($415)	=	($415)	+		$415	=		+
		=		+		($415)	=		+
May. 25	($133)	=		+	($133)		=		+
May. 28		=	($280)	+	$280	($280)	=		+	($280)
May. 31	($480)	=	($480)	+		$480	=		+
		=		+		($480)	=		+