Jeff Company, owned by D. Jeff, began operations in May and completed the following transactions during that first month of operations. Show the effects of the transactions on the accounts of the accounting equation by recording increases and decreases in the appropriate columns in the table below. Do not determine new account balances after each transaction. Determine the final total for each account and verify that the equation is in balance. >> Use the final totals to prepare the following financial statements: Income Statement Statement of Owner's Equity Balance Sheet May Jeff invested $100,000 cash in the company The compony purchased $35,000 in office equipment. It paid $20,000 in cash and signed a note payable promising to pay the $25,000 over the next three years The company rented office space and paid $13,000 for the May rent. The company installed a new roof for a customer and immediately collected $15,000 The company paid a supplier $12.000 for roofing materials used on the May 6 job The company purchased a $12.500 copy machine for office use on credit The company completed work for additional customers on credit in the amount of $26,000 15 The company paid its employee's salaries $12,300 for the first half of the month 17The company installed a new roof for a customer and immediately collected $12.400 20 The company received $20,000 in payments from the customers billed on May 9 The company paid $11.500 on the copy machine purchased on May 8. It will pay the remaining balance in June 31 The company paid its employee's salaries $12,000 for the second half of the month The company paid a supplier $15,300 for roofing materials used on the remaining obs completed during May 31 The company paid $10,450 for this month's utility bill. 15 17 30 JEFF COMPANY. Asse Labidaies Equity Art Notes D.J D.J TOTAL ASSETS= TOTAL LIABILITIES AND EQUITY- Jeff Company, owned by D. Jeff, began operations in May and completed the following transactions during that first month of operations. Show the effects of the transactions on the accounts of the accounting equation by recording increases and decreases in the appropriate columns in the table below. Do not determine new account balances after each transaction. Determine the final total for each account and verify that the equation is in balance. b) Use the final totals to prepare the following financial statements: Income Statement 6. Statement of Owner's Equity b. Balance Sheet May D. Jeff invested $100,000 cash in the company The company purchased $35,000 in office equipment. It paid $20,000 in cash and signed a note payable promising to pay the $25,000 over the next three years 2 The company rented office space and paid $13,000 for the May rent 6 The company installed a new roof for a customer and immediately collected $15,000 7 The company paid a supplier $12,000 for roofing materials used on the May 6 job. The company purchased a $12,500 copy machine for office use on credit The company completed work for additional customers on credit in the amount of $26,000. 15 The company paid its employee's salaries $12,300 for the first half of the month 17 The company installed a new roof for a customer and immediately collected $12,400 20 The company received $20,000 in payments from the customers billed on May 9 28 The company paid $11,500 on the copy machine purchased on May 8. It will pay the remaining balance in June. 31 The company paid its employee's salaries $12,400 for the second half of the month 31 The company paid a supplier $15,300 for roofing materials used on the remaining jobs completed during May 31 The company paid $10,450 for this month's utility bill. JEFF COMPANY Assets - Liabilities Equity Act May Cash Receivable Equipment Payable Payable Capital 21 9 15 17 a Income Statement b. Statement of Owner's Equity Balance Sheet May D. Jeff invested $100,000 cash in the company, The company purchased $35,000 in office equipment. It paid $20,000 in cash and signed a note payable promising to pay the $25,000 over the next three years 2 The company rented office space and paid $13,000 for the May rent 6The company installed a new roof for a customer and immediately collected $15,000. 7 The company paid a supplier $12,000 for roofing materials used on the May 6 jol The company purchased a $12,500 copy machine for office use on credit 9The company completed work for additional customers on credit in the amount o $26,000. 15 The company paid its employee's salaries $12,300 for the first half of the month 17The company installed a new roof for a customer and immediately collected $12,400. 20 The company received $20,000 in payments from the customers billed on May 9 28 The company paid $11,500 on the copy machine purchased on May 8. It will pay the remaining balance in June. 31 The company paid its employee's salaries $12,400 for the second half of the moe 31 The company paid a supplier $15,300 for roofing materials used on the remaining jobs completed during May 31 The company paid $10,450 for this month's utility bill. JEFF COMPANY. Assets - Liabilities Equity Date May Cash Accounts Account Notes D.J D. Jeff Receivable Equipment Payable Payable Capital 2 2 A S 9 15 17 20 28 31 31 31 TOTAL ASSETS = TOTAL LIABILITIES AND EQUITY =