Daisy owns a consultancy company named Daisy Consultancy on January 2019.

The following transactions occurred during the month of January 2019:

January Transactions

1 Lina invested $50,000 cash in the business.

2 Paid office rental for the month for $6000.

3 Purchased supplies worth $4000 on account.

5 Paid $300 for advertisement purposes in a newspaper.

7 Interviewed candidates for job vacancy with monthly salary of $2,700.

9 Received $27,000 cash for services provided.

12 Office renovation cost $5,300 paid by cash.

15 Received service revenue $4,500 on account.

16 Paid for insurance $1,200.

17 Paid staff salaries for $5,600 using cash

20 Supplies purchased on 3 January are fully paid with cash.

23 Received service revenue amounting to $7,300 on credit.

26 Borrowed $300,000 long-term loan from MBB Bank.

29 Purchased office equipment for $30,000 on account using notes payable.

30 Paid utilities for $2,200.

Question 1

Tabulate the effect of the above transactions, based on the accounting equation, using the following format:

.

Assets = Liabilities + Owners' Equity

Date Cash Long-term loan Revenue

Accounts receivable Accounts payable -

Supplies Notes payable (expenses)

Office equipment

.