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Madame Shira began a fortune telling business on May $1.$ The following transactions occurred:

$1.$ Owner Madame Shira invested $$5,000$ cash in the business.

$2.$ Purchased $$2,000$ of furniture with a down payment of $$500$; the rest by issuing an account payable to be paid in three monthly installments.

$3.$ Paid $$700$ rent.

$4.$ Purchased a crystal ball for $$300.$

$5.$ Paid $$1,700$ for a $12-$month insurance policy.

$6.$ During the first month received $$2,500$ from cash customers.

$7.$ Sent billings of $$2,000$ for services rendered to credit customers.

$8.$ Paid assistant $$1,500$ wages for the month.

$9.$ Received $$600$ in payments from credit customers.

$10.$ Borrowed $$3,200$ by signing a note.

$11.$ Made a $$500$ payment on the furniture bill $($from transaction $2).$

$12.$ Owner withdrew $$300$ cash for personal use.

$13.$ Paid bills for advertising $$60,$ utilities $$39,$ and repairs $$52.$

Required:

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$1.$ Enter the above transactions in an accounting equation work sheet. Use the minus sign to indicate cash out flows, a decrease in cash or cash payments. If an amount box does not require an entry, leave it "blank".

ASSETS $=$ LIABILITIES $+$ OWNER'S EQUITY

Cash $+$ Furniture $+$ Crystal Ball $+$ Accounts Receivable $+$ Prepaid Insurance $=$ Accounts Payable $+$ Notes Payable $+$ Shira, Capital $$ Shira, Drawing $+$ Revenues $$ Expenses Desc.

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