Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mary Smith started her ownconsulting firm Mary Consulting on May 1,2022. The following tennsactions occurred durins the month of May. May 1 Mary imested 56,000

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Mary Smith started her ownconsulting firm Mary Consulting on May 1,2022. The following tennsactions occurred durins the month of May. May 1 Mary imested 56,000 cash in the businese 2 Paid 5750 for officet rent for the month 3. Purchesed 5500 of supplies on account 5) Paid $100 to idvertise in the Count Neva. 9. Reculved 53,500 cashifor services pertormed 12. Withdrev 1,000 cash for personal use 15 Perhormed 54900 of semices on accourt: 17. Paid $2,000 for emploneesalarise 20 Madea partal poynent of 5300 for the vupples purchardd on accountonkth? 87 Purchyisd woul pmentifor 54000 cn accouot 39 Paids250 for ineves Accounts Payable Accounts Receivable Advertising Expense Buildings Cash Equipment Gasoline Expense Insurance Expense Land Maintenance and Repairs Epense Notes Payable Owner's Capital Rent Expense Rent Revenue Salaries and Weges Expense Salaries and Wages Payable Service Revenue Supplies Tichet Revenus Utilites Exporse MARY CONSULTING IncomeStatement Drixumis Expanies Metiricomz/ llose. Wnizr E Caplesi, June Wrer: Capteal jurte 30 Raveriues Tomal Extantes: Touel Ravarues MARY CONSULTING Balance Sheet Assets 5 Liabilities and Owner's Equity Current Assets Liabilities Expenses IntangibleAssets Long-term Investments Long-term Liabilities Property, Plant and Equioment Revenues Owner's Equity TotalAssets Total Current Assets Total Expenses Total Intangible Assets Total Liabilities Total Liabilities and O wher's Equity Total Long-term lnvestments Total Long-term Llabilities Total Property. Plant and Equipment Total Revenues Total Owner's Equity

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting For Decision Makers

Authors: Peter Atrill

9th Edition

9781292204574

More Books

Students also viewed these Accounting questions

Question

What does the term homoscedasticity mean?

Answered: 1 week ago

Question

What is meant by planning or define planning?

Answered: 1 week ago

Question

Define span of management or define span of control ?

Answered: 1 week ago

Question

What is meant by formal organisation ?

Answered: 1 week ago

Question

What is meant by staff authority ?

Answered: 1 week ago