Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Include margin explanations for any changes in Retained Earnings.) Prepare an income statement for the month of May 2023. Prepare a classified balance sheet at May 31, 2025. (List current assets in order of liquidity) Liabilities and Stockholders' Equity Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Include margin explanations for any changes in Retained Earnings.) May 15 May 17 May 20 May 23 May 26 May 29 May 30 Nona Curry started her own consulting firm, Sunland Consulting inc., on May 1, 2025. The following transactions occurred during the month of May. May 1 Stockholders invested $22,350 cash in the business in exchange for common stock. 2 Paid $894 for office rent for the month. 3 Purchased $745 of supplies on account. 5 Paid $223 to advertise in the County News. 9 Received $2,086 cash for services performed 12 Paid $298 cash dividend. 15 Performed $6,258 of services on account. 17 Paid $3,725 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of \$1,788 for services performed on account on May 15. 26 Borrowed $7,450 from the bank on a note payable. 29 Purchased office equipment for $2,980 paying $298 in cash and the balance on account. 30 Paid $268 for utilities. Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Include margin explanations for any changes in Retained Earnings.) Liabilities and Stockholders' Equity 5 $ Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. (If a transaction causes a decrease in Assets, Labilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. Include margin explanations for any changes in Retained Earnings.)
