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Kimberly Young started her own consulting firm, Young Consulting Inc., on May 1, 2022. The following transactions occurred during the month of May. May 1

Kimberly Young started her own consulting firm, Young Consulting Inc., on May 1, 2022. The following transactions occurred during the month of May.

May 1

Stockholders invested $18,900 cash in the business in exchange for common stock.

2

Paid $756 for office rent for the month.

3

Purchased $630 of supplies on account.

5

Paid $189 to advertise for the month in the County News.

9

Performed services for customer for $1,764 cash.

12

Paid $252 cash dividend.

15

Performed $5,292 of services on account.

17

Paid $3,150 for employee salaries.

20

Paid for the supplies purchased on account on May 3.

23

Received a cash payment of $1,512 for services performed on account on May 15.

26

Borrowed $6,300 from the bank on a note payable.

29

Purchased office equipment for $2,520 paying $252 in cash and the balance on account.

30

Paid $236 for utilities.

image text in transcribedimage text in transcribed

(c) Prepare a classified balance sheet at May 31, 2022. (List Current Assets in order of liquidity.) YOUNG CONSULTING INC. Balance Sheet Assets $ $ $

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