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

Owner’s Assets = Liabilities oe Equity Office Office ~ Accts. Notes Steve Sutton, Trans Date Cash + Supplies + Land + Building + Equipment = Payable + Payable + Capital

(a) 5/01/00 + $55,000 + $55,000

(b) 5/02/00 — 8,000 + $6,000 + $18,000 + $16,000

(c) 5/08/00 = * 33500 + $7,500 : + 4,000

(d) 5/10/00 + $1,100 + $1,100

(e) 5/22/00 +e 300 — 300 Balances 5/31/00 $43,800 + $1,100 + $6,000 + $18,000 + $7,200 = $1,100 + — $20,000 + $55,000 Required: (1) Describe the five transactions that took place during May.

(2) Prepare a balance sheet at May 31, 2000.  lo7