Question
1. Susan Wilson started her own consulting firm, Sunland Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1
1.
Susan Wilson started her own consulting firm, Sunland Consulting, on May 1, 2020. The following transactions occurred during the month of May.
| May 1 | Trixie invested $7,300 cash in the business. | |
| 2 | Paid $900 for office rent for the month. | |
| 3 | Purchased $500 of supplies on account. | |
| 5 | Paid $100 to advertise in the County News. | |
| 9 | Received $4,400 cash for services performed. | |
| 12 | Withdrew $1,100 cash for personal use. | |
| 15 | Performed $5,900 of services on account. | |
| 17 | Paid $2,800 for employee salaries. | |
| 20 | Made a partial payment of $300 for the supplies purchased on account on May 3. | |
| 23 | Received a cash payment of $4,100 for services performed on account on May 15. | |
| 26 | Borrowed $4,600 from the bank on a note payable. | |
| 29 | Purchased equipment for $4,300 on account. | |
| 30 | Paid $350 for utilities. |
(a)
Show the effects of the previous transactions on the accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Owners Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)
| MATRIX CONSULTING | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | = | Liabilities | + | Owners Equity | ||||||||||||||||
| Date | Cash | + | Accounts Receivable | + | Supplies | + | Equipment | = | Notes Payable | + | Accounts Payable | + | Owners Capital | Owners Drawings | + | Revenues | Expenses | |||
| 1 | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | ||||||||||
| 2 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||
| 3 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||
| 5 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||
| 9 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||
| 12 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||
| 15 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||
| 17 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||
| 20 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||
| 23 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||
| 26 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||
| 29 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||
| 30 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | ||||||||||
| $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | = | $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | $enter a total amount | ||||||||||
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Fundamentals of Cost Accounting
Authors: William Lanen, Shannon Anderson, Michael Maher
5th edition
978-1259728877, 1259728870, 978-1259565403
