Question

Nona Curry started her own consulting firm, Metlock, Inc., on May 1, 2017. The following transactions occurred during the month of May Stockholders invested $18,450 cash in the business in exchange for common stock. 2 Paid $738 for office rent for the month. 3 May 1 5 9 12 15 17 20 23 26 29 30 Purchased $615 of supplies on account. Paid $185 to advertise in the County News Received $1,722 cash for services performed Paid $246 cash dividen Performed $5,166 of services on account. Paid $3,075 for employee salaries Paid for the supplies purchased on account on May 3 Received a cash payment of $1,476 for services performed on account on May 15 Borrowed $6,150 from the bank on a note payable Purchased office equipment for $2,460 paying $246 in cash and the balance on account. Paid $221 for utilities Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid wit in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the parti reduced. See Illustration 3-3 for example.) METLOCK, INC. Assets Liabilities Accounts Receivable Notes Payable Accounts Payable Common + Date Cash + Supplies Equipment Stock May 1 May 2 May 3 May 5 May 9 May 12

Answer 1

Accounting equation

	Assets				Liabilities + Stockholders' equity
	Cash	Accounts receivable	Supplies	Equipment	Notes payable	Accounts payable	Common stock	Retained earnings
May 1	18,450						18,450
May 2	- 738							- 738
May 3			615			615
May 5	- 185							- 185
May 9	1,722							1,722
May 12	- 246							- 246
May 15		5,166						5,166
May 17	- 3,075							- 3,075
May 20	- 615					- 615
May 23	1,476	- 1,476
May 26	6,150				6,150
May 29	- 246			2,460		2,214
May 30	- 221							- 221
Total	22,472	3,690	615	2,460	6,150	2,214	18,450	2,423

Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubts. Thanks.