The following transactions were recorded by the Sutton Systems Design Company for May, its first month of operations (excluding GST implications):

Required:
a Describe the five transactions that took place during May.
b Prepare a balance sheet at 31 May.

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Trans a C e Balances Date 01/5 02/5 08/5 10/5 22/5 31/5 Office Cash + Supplies + +$55 000 -8 000 -3500 Assets +300 $43 800 + +$1 100 $1 100 + +$6 000 Office Accts Loans Land + Building Equipment + Payable + Payable + $6 000 + +$18 000 $18 000 + +$7 500 Liabilities -300 $7 200 = +$1 100 $1 100+ + +$16000 +4 000 $20 000 + Owner's Equity Steve Sutton, Capital +$55 000 $55 000