Debra King started her own consulting firm, Cullumber Consulting, on May 1, 2020. The following transactions occurred during the month of May.

May 1Trixie invested $6,000 cash in the business.

2Paid $950 for office rent for the month.

3Purchased $500 of supplies on account.

5Paid $130 to advertise in theCounty News.

9Received $3,800 cash for services performed.

12Withdrew $1,100 cash for personal use.

15Performed $5,000 of services on account.

17Paid $2,100 for employee salaries.

20Made a partial payment of $300 for the supplies purchased on account on May 3.

23Received a cash payment of $3,500 for services performed on account on May 15.

26Borrowed $4,900 from the bank on a note payable.

29Purchased equipment for $4,300 on account.

30Paid $300 for utilities.

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