ACCOUNTING 1---CHAPTER 1 PROBLEMS 1. Jackson Siding Company, owned by Jackson Jay, began operations in May and completed the following transactions during that first month of operations. May 1 Jackson Jay invested $100,000 cash in the company. The company purchased $25,000 in office equipment. It paid $10,000 in cash and signed a note payable promising to pay the $15,000 over the next three Date May 1 2 2 Jackson Siding Company. Liabilities Assets = Accounts Office Accounts Notes Cash Receivable Equipment Payable Payable + Owner's Equity Jackson Jay Jackson Jay Capital Withdrawals Revenues Expenses 2 years. 2 The company rented office space and paid $4,500 for the May rent. 16 7 18 19 The company installed new vinyl siding for a customer and immediately collected $5,000. The company paid a supplier $2,000 for siding materials used on the May 6 job (record this as an expense). The company purchased a $2,500 copy machine for office use on credit. The company completed work for additional customers on credit in the amount of $18,000. The company paid its employees' salaries $2,500 for the first half of the 15 month. The company installed new siding for a customer and immediately collected 17 $3,000. The company received $10,000 in payments from the customers billed on 20 May 9. The company paid $1,500 on the copy machine purchased on May 8. It will 28 pay the remaining balance in June. The company paid its employees' salaries $2,500 for the second half of the 31 month. The company paid a supplier $5,300 for siding materials used on the 31 remaining jobs completed during May (record this as an expense). 31 The company paid $450 for this month's utility bill. 8 9 15 17 20 28 31 31 31 $ $ $ $ $ $ $ $ Required: Show the effects of the transactions on the accounts of the accounting equation by recording increases and decreases in the appropriate columns in the table above. Do not determine new account balances after each transaction. Determine the final total for each account and verify that the equation is in balance. Assets = Liabilities = Equity =