An analysis of the transactions of Hewitt Detective Agency for the month of May appears below. Line 1 summarizes the companys accounting equation data as of May 1; lines 210 represent the transactions for May:

	Balance Sheet
	Assets							=	Liabilities			+	Stockholders' Equity
			Accounts		Office				Accounts		Notes		Common		Retained
Trans.	Cash	+	Receivable	+	Supplies	+	Equipment	=	Payable	+	Payable	+	Stock	+	Earnings
(1)	$2,400		$7,600		$500		$8,000		$300		$5,000		$10,000		$3,200
(2)	2,000										2,000
(3)	6,100		(6,100)
(4)					980				980
(5)			6,800												6,800
(6)	(300)								(300)
(7)	1,500														1,500
(8)	(800)														(800)
(9)	(750)						750
(10)	(2,500)										(2,500)

REQUIRED

a. Show that assets equal liabilities plus stockholders equity as of May 1. Note: Enter May 1 amounts below.

Assets	=	Liabilities	+	Equity
	=		+

b. Describe the apparent transaction indicated by each line. (For example, line 2: Borrowed an amount, signing a note payable.) Note: Using the drop-down answer options, select the correct description for each transaction shown in the above table.

Answer Choices:

-Collected an amount on accounts receivable

-Paid a cash dividend

-Paid an amount on accounts payable

-Paid an amount towards note payable

-Provided services and collected in cash

-Provided services on account

-Purchased office equipment with cash

-Purchased supplies on account

Transaction
(2)	Borrowed an amount, signing a note payable.
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)

c. Show that assets equal liabilities plus stockholders equity as of May 31. Note: Enter May 31 amounts below.

Assets	=	Liabilities	+	Equity
	=		+