Question 3 A started her own consulting firm, MR A Consulting, on May 1, 2014. The following
Question:
Question 3
A started her own consulting firm, MR A Consulting, on May 1, 2014. The following
transactions occurred during the month of May.
May 1 A invested $7,000 cash in the business.
2 Paid $900 for office rent for the month.
3 Purchased $600 of supplies on account.
5 Paid $125 to advertise in the County News.
9 Received $4,000 cash for services performed.
12 Withdrew $1,000 cash for personal use.
15 Performed $5,400 of services on account.
17 Paid $2,500 for employee salaries.
20 Paid for the supplies purchased on account on May 3.
23 Received a cash payment of $4,000 for services performed on account on May 15.
26 Borrowed $5,000 from the bank on a note payable.
29 Purchased equipment for $4,200 on account.
30 Paid $275 for utilities.
Required:
(a) Show the effects of the previous transactions on the accounting equation using the following format.
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/06/6676db3eedfdd_4066676db3ed3c38.jpg)