May 1, 2022 following transaction occurred during the month of may. 1) Stockholders invested $21,450 cash in
Question:
May 1, 2022 following transaction occurred during the month of may.
1) Stockholders invested $21,450 cash in the business in exchange for common stock
2) Paid $858 for office rent for the month
3 Purchased $715 of supplies on account
5 paid $214 to advertise in the county news
9 received $2002 cash for service performed
12 paid $286 cash dividend
15 performed $6006 of service on account
17 paid $3575 for employee salaries
20 paid for the supplies supplies purchased on account on may 3
23 received a cash payment of $1,716 for services performed on account on May 3
26 barrowed $7150 from the bank on a note payable
29 purchased office equipment for $2860 paying $286 in cash and the balance on account
30 Paid $257 for utilities
Show the effects of the transaction on the accounting equation. Assume the note payable is to be repaired within the year.