3-2A (Part Level Submission)

Nina Finzelberg started her own consulting firm, Finzelberg Consulting Inc., on May 1, 2014. The following transactions occurred during the month of May.

May 1Stockholders invested $15,627 cash in the business in exchange for common stock.2Paid $625 for office rent for the month.3Purchased $521 of supplies on account.5Paid $156 to advertise in theCounty News.9Received $1,459 cash for services performed.12Paid $208 cash dividend.15Performed $4,376 of services on account.17Paid $2,605 for employee salaries.20Paid for the supplies purchased on account on May 3.23Received a cash payment of $1,250 for services performed on account on May 15.26Borrowed $5,209 from the bank on a note payable.29Purchased office equipment for $2,084 paying $208 in cash and the balance on account.30Paid $188 for utilities.

(a)

Your answer is partially correct.Try again.Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year.(If a transaction causes a decrease in Assets, Liabilities or Stockholders' 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 3-3 for example.)

FINZELBERG CONSULTING INC.

Assets

=Liabilities

+Stockholders Equity

Date

Cash

+Accounts Receivable+Supplies+Equipment

=Notes Payable+Accounts Payable

+Common Stock+Retained Earnings

RevenuesExpensesDividends

May 1$

$

$

$

$

$

$

$

$

$

May 2

May 3

May 5

May 9

May 12

May 15

May 17

May 20

May 23

May 26

May 29

May 30

$

$

$

$

=$

$

$

$

$

$