Question
Following are transactions for RR Consultants for the month of May, 2019. May 1: Owner invested 900,000 taka in business to get it started. May
Following are transactions for RR Consultants for the month of May, 2019. May 1: Owner invested 900,000 taka in business to get it started. May 2: Purchased an office equipment for 50,000 taka. Paid half in cash and signed a note payable for the other half. May 5: Purchased office supplies on account worth 20,000 taka. May 6: Provided services on account to clients and billed them 120,000 taka. May 12: Owner withdrew 15,000 from business for personal use. May 20: Collected cash in full from clients for services provided on May 6. May 25: Paid half of the note payable from equipment purchase May 31: Employee salaries due are 30,000 taka. It is not yet paid
Your taks: Prepare a summary of transactions from the transactions above and show that the accounting identity holds for the month of May, 2019.
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