Melvin Dwight owns a small catering business called M$.$D$\text{'}$s Catering. At the beginning of the current month, the business had the following assets: cash $$2,500$; food invent ory $$500$; beverage inventory $$2,500$; office supplies $$200$; and delivery truck $$2,000.$ M$.$D$.\text{'}$s owed $$500$ to Lawrence Supply Co$.,$ and $$1,500$ on a note to First Auto Bank. On the first day of the month, M$.$D$.\text{'}$s Catering completed the following transactions:

a$.$ Melvin invested $$500$ more in M$.$D$.\text{'}$s Catering.

b$.$ Food costing $$250$ was purchased on account from Lawrence Supply Co$.$ c$.$ Twenty dinners were served to L&M Trucking Co$.$ Board of Directors, and L&M was c

harged $$5\mathrm{.}50$ for each dinner. Cash was received from L&M$.$ The costs of food and bev erages served were $$40$ and $$15,$ respectively.

d$.$ Melvin paid $$20$ for repair work to the delivery truck. $($Note: This expenditure should be considered an expense.$)$

e$.$ Melvin paid J$.$D$.$ Hill $$15$ for labor services received.

f$.$ Melvin paid First Auto Bank $$450$ on account.

g$.$ Melvin withdrew $$300$ from the firm for personal use.

Required: make a table.

$1.$ Arrange the asset, liability, and proprietorship titles in an expanded accounting equa

tion like that shown in Table II in this chapter. $2.$ Enter the assets and liability of M$.$D$.\text{'}$s under the titles of the equation. Determine Me

Ivin Dwight's equity and enter it under the title of Melvin Dwight, Capital.

$3.$ Show by additions and subtractions the effects of each transaction on the elements of the equation. Show new totals after each transaction.