Laura Basile started her own consulting firm, Basile Consulting, on 1 May 2019. The Analyse transactions.

following transactions occurred during the month of May.

May 1 Basile invested $8000 cash in the business.

2 Paid $800 for office rent for the month.

3 Purchased $500 of supplies on account.

5 Paid $50 to advertise in the Daily News.

9 Received $3000 cash for services provided.

12 Withdrew $700 cash for personal use.

15 Performed $3300 of services on account.

17 Paid $3000 for employee salaries.

20 Paid for the supplies purchased on account on 3 May.

23 Received a cash payment of $2000 for services provided on account on 15 May.

26 Borrowed $5000 from the bank on a note payable.

29 Purchased office equipment for $2400 on account.

30 Paid $150 for utilities.

Instructions

i.Show the effects of the previous transactions on the accounting equation using the following Ending capital $9600

format.

Assets

Liabilities

Owner's Equity

Date

Cash

+

Accounts Receivable

+

Supplies

+

Office Equipment

=

Notes Payable

+

Accounts Payable

+

L. Basile

Capital

i.Journalize and post the transactions in the ledger

ii.Balance the accounts and prepare the Trial Balance