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Sharon Lee started her own consulting firm, Lee Consulting Inc., on May 1, 2022. The following transactions occurred during the month of May. May 1

Sharon Lee started her own consulting firm, Lee Consulting Inc., on May 1, 2022. The following transactions occurred during the month of May.

May 1

Stockholders invested $17,700 cash in the business in exchange for common stock.

2

Paid $708 for office rent for the month.

3

Purchased $590 of supplies on account.

5

Paid $177 to advertise for the month in the County News.

9

Performed services for customer for $1,652 cash.

12

Paid $236 cash dividend.

15

Performed $4,956 of services on account.

17

Paid $2,950 for employee salaries.

20

Paid for the supplies purchased on account on May 3.

23

Received a cash payment of $1,416 for services performed on account on May 15.

26

Borrowed $5,900 from the bank on a note payable.

29

Purchased office equipment for $2,360 paying $236 in cash and the balance on account.

30

Paid $220 for utilities.

Date

Cash

+

Accounts Receivable

+

Supplies

+

Equipment

=

Notes Payable

+

Accounts Payable

+

Common Stock

+

Revenues

Expenses

Dividends

May 1

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May 2

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select an account title Utilities Expense

Service Revenue

Salaries and Wages Expense

Dividends

Rent Expense

Advertising Expense

May 3

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May 5

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select an account title Utilities Expense

Service Revenue

Salaries and Wages Expense

Dividends

Rent Expense

Advertising Expense

May 9

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select an account title Utilities Expense

Service Revenue

Salaries and Wages Expense

Dividends

Rent Expense

Advertising Expense

May 12

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select an account title Utilities Expense

Service Revenue

Salaries and Wages Expense

Dividends

Rent Expense

Advertising Expense

May 15

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select an account title Utilities Expense

Service Revenue

Salaries and Wages Expense

Dividends

Rent Expense

Advertising Expense

May 17

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select an account title Utilities Expense

Service Revenue

Salaries and Wages Expense

Dividends

Rent Expense

Advertising Expense

May 20

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May 23

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May 26

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May 29

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May 30

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select an account title Utilities Expense

Service Revenue

Salaries and Wages Expense

Dividends

Rent Expense

Advertising Expense

enter a total amount

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