Mary Smith started her own consulting firm, Mary Consulting, on May 1, 2022. The following transactions occurred during the month of May. May 1 Mary invested $6,000 cash in the business. 2 Paid $750 for office rent for the month. 3 Purchased $500 of supplies on account. 5 Paid $100 to advertise in the County News. 9 Received $3,500 cash for services performed. 12 Withdrew $1,000 cash for personal use. 15 Performed $4,900 of services on account 17 Paid $2,000 for employee salaries. 20 Madea partial payment of $300 for the supplies purchased on account on May 3. 23 Recelved a cash payment of $3,500 for services performed on account on May 15. 26 Borrowed 54,500 from the bankon a note payable. 29 Purchased equipment for $4,000 on account. 30 Paid $250 for utilitieh: Assets in a a 4 4 8 Show the effects of the previous transactions on the accounting equation. (If a trunsaction results in a decrease in Assets, Liabilities or Owners Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See lllustration 18 for example) . 1 . Show the effects of the previous transactions on the accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Owners Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equityitem that was reduced. See Illustration 1.8 for example) Expenses $ MARY CONSULTING Balance Sheet Assets \$ Liabilities and Owner's Equity 5 Mary Smith started her own consulting firm, Mary Consulting, on May 1, 2022. The following transactions occurred during the month of May. May 1 Mary invested $6,000 cash in the business. 2 Paid $750 for office rent for the month. 3 Purchased $500 of supplies on account. 5 Paid $100 to advertise in the County News. 9 Received $3,500 cash for services performed. 12 Withdrew $1,000 cash for personal use. 15 Performed $4,900 of services on account 17 Paid $2,000 for employee salaries. 20 Madea partial payment of $300 for the supplies purchased on account on May 3. 23 Recelved a cash payment of $3,500 for services performed on account on May 15. 26 Borrowed 54,500 from the bankon a note payable. 29 Purchased equipment for $4,000 on account. 30 Paid $250 for utilitieh: Assets in a a 4 4 8 Show the effects of the previous transactions on the accounting equation. (If a trunsaction results in a decrease in Assets, Liabilities or Owners Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See lllustration 18 for example) . 1 . Show the effects of the previous transactions on the accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Owners Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equityitem that was reduced. See Illustration 1.8 for example) Expenses $ MARY CONSULTING Balance Sheet Assets \$ Liabilities and Owner's Equity 5
