P1-4A Trixie Maye started her The following transactions occurred during the mon
ID: 2422135 • Letter: P
Question
P1-4A Trixie Maye started her The following transactions occurred during the month of May. May Trixie invested $7,000 cash in the business. own consulting firm, Matrix Consulting, on May 1, 2017. Analyze transactions and prepare financial statements. (LO 3, 4, 5) 2 Paid $900 for office rent for the month. 3 5 9 12 15 17 20 Purchased $600 of supplies on account. Paid $125 to advertise in the County News Received $4,000 cash for services performed. Withdrew $1,000 cash for personal use. Performed $5,400 of services on account. Paid $2,500 for employee salaries. Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $4,000 for services performed on account on May 15. Borrowed $5,000 from the bank on a note payable. 26 29 30 Instructions Purchased equipment for $4,200 on account. Paid $275 for utilities. (a) Show the effects of the previous transactions orl the accounting equation using the (a) Total assets $20,800 following format. Assets Liabilities Owner's Equity Accounts Notes Accounts Owner's Owner's Date Cash +Receivable + Supplies+Equipment- Payable+ Payable+ Capital Drawings+ Revenues-Expenses quipment- Payable + Payable+ Capital -Drawings+ Revenues - Expenses (b) Prepare an income statement for the month of May (c) Prepare a balance sheet at May 31, 2017 (b) Net income $5,500 0 Cash $14,500Explanation / Answer
Answer:(a)
Answer:(b)
Answer:(c)
Assets Liabilities Owner's Equity Date Cash + Accounts receivable + Supplies + Equipment = Note Payable + Accounts Payable + Owner's Capital + Revenue - Expenses 1-May 7000 + + + = + + 7000 + - 2-May -900 + + + = + + + - 900 3-May + + 600 + = + 600 + + - 5-May -125 + + + = + + + - 125 9-May 4000 + + + = + + + 4000 - 12-May -1000 + + + = + + -1000 + - 15-May + 5400 + + = + + + 5400 - 17-May -2500 + + + = + + + - 2500 20-May -600 + + + = + -600 + + - 23-May 4000 + -4000 + + = + + + - 26-May 5000 + + + = 5000 + + + - 29-May + + + 4200 = + 4200 + + - 30-May -275 + + + = + + + - 275 Total 14600 + 1400 + 600 + 4200 = 5000 + 4200 + 6000 + 9400 - 3800Related Questions
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