q3

Question 3 of 6 -/15 View Policies Current Attempt in Progress Kimberly Young started her own consulting firm, Crane Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1 2 3 5 9 12 15 17 20 23 26 29 30 Trixie invested $6,600 cash in the business. Paid $850 for office rent for the month. Purchased $600 of supplies on account. Paid $120 to advertise in the County News Received $3,800 cash for services performed. Withdrew $1.200 cash for personal use. Performed $5,000 of services on account. Paid $2,100 for employee salaries. Made a partial payment of $400 for the supplies purchased on account on May 3. Received a cash payment of $4.100 for services performed on account on May 15. Borrowed $5,500 from the bank on a note payable. Purchased equipment for $4,000 on account. Paid $300 for utilities (a) (a) 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 Equity item that was reduced. See Illustration 1-8 for example.) Assets Question 3 of 6 -/1 MATRIX CONSULTING Liabilities Notes Payable quipment Accounts Payable Owner's Capital $ $ $ Question 3 of 6 -/1 Owner's Equity Owner's Capital Owner's Drawings Revenues Expenses $