Question
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 | $enter a dollar amount | $enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | $enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||||||||
May 2 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Utilities Expense Service Revenue Salaries and Wages Expense Dividends Rent Expense Advertising Expense | ||||||||||
May 3 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||||||||
May 5 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Utilities Expense Service Revenue Salaries and Wages Expense Dividends Rent Expense Advertising Expense | ||||||||||
May 9 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Utilities Expense Service Revenue Salaries and Wages Expense Dividends Rent Expense Advertising Expense | ||||||||||
May 12 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Utilities Expense Service Revenue Salaries and Wages Expense Dividends Rent Expense Advertising Expense | ||||||||||
May 15 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Utilities Expense Service Revenue Salaries and Wages Expense Dividends Rent Expense Advertising Expense | ||||||||||
May 17 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Utilities Expense Service Revenue Salaries and Wages Expense Dividends Rent Expense Advertising Expense | ||||||||||
May 20 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||||||||
May 23 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||||||||
May 26 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||||||||
May 29 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||||||||||
May 30 | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | enter a dollar amount | select an account title Utilities Expense Service Revenue Salaries and Wages Expense Dividends Rent Expense Advertising Expense | ||||||||||
enter a total amount | enter a total amount | enter a total amount | enter a total amount | enter a total amount | enter a total amount | enter a total amount | enter a total amount | enter a total amount | enter a total amount |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started