Grace Period: 14 days left CALCULATOR NERTE 5 Susan Wilson started her own consulting firm, Sunland Consulting, on May 1, 2020. The following transactions occurred during the month of May May 1 Trixie Invested $7,300 cash in the business. 2 Pald $900 for office rent for the month 3 Purchased $500 of supplies on account. Pald $100 to advertise in the County News 9 Received $4,400 cash for services performed. 12 Withdrew $1,100 cash for personal use. 15 Performed $5.900 of services on account. 17 Pald $2,800 for employee salaries. 20 Made a partial payment of $300 for the supplies purchased on account on May 3 23 Received a cash payment of $4,100 for pervices performed on account on May 15. 26 Borrowed $4,600 from the bank on a note payable. 29 Purchased equipment for $4,300 on account. 30 Pald $350 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 Liabilities Assets Accounts Receivable Supplies Owner's Equity Owner's Drawings Revenues Notes Payable Accounts Payable Owner's Capital Expenses Equipment Date Cash 1 $ 2 3 5 con RA A Prepare an income statement for the month of May. SUNLAND CONSULTING Income Statement $ SHOW YEY Prepare a balance sheet at May 31, 2020. (List Assets in order of liquidity.) SUNLAND CONSULTING Balance Sheet Assets TELE Liabilities and Owner's Equity Grace Period: 14 days left CALCULATOR NERTE 5 Susan Wilson started her own consulting firm, Sunland Consulting, on May 1, 2020. The following transactions occurred during the month of May May 1 Trixie Invested $7,300 cash in the business. 2 Pald $900 for office rent for the month 3 Purchased $500 of supplies on account. Pald $100 to advertise in the County News 9 Received $4,400 cash for services performed. 12 Withdrew $1,100 cash for personal use. 15 Performed $5.900 of services on account. 17 Pald $2,800 for employee salaries. 20 Made a partial payment of $300 for the supplies purchased on account on May 3 23 Received a cash payment of $4,100 for pervices performed on account on May 15. 26 Borrowed $4,600 from the bank on a note payable. 29 Purchased equipment for $4,300 on account. 30 Pald $350 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 Liabilities Assets Accounts Receivable Supplies Owner's Equity Owner's Drawings Revenues Notes Payable Accounts Payable Owner's Capital Expenses Equipment Date Cash 1 $ 2 3 5 con RA A Prepare an income statement for the month of May. SUNLAND CONSULTING Income Statement $ SHOW YEY Prepare a balance sheet at May 31, 2020. (List Assets in order of liquidity.) SUNLAND CONSULTING Balance Sheet Assets TELE Liabilities and Owner's Equity
