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The Pharoah Hotel opened for business on May 1, 2022. The May transactions resulted in a tabular summary, with May 31 unadjusted balances shown below
The Pharoah Hotel opened for business on May 1, 2022. The May transactions resulted in a tabular summary, with May 31 unadjusted balances shown below in the first row. The $22,500 in the revenue column resulted from Rent Revenue. The $10,750 in the expense column includes Salaries and Wages $7,500, Utilities $2,000, and Advertising $1,250.
Find the adjusted balance for each column in the tabular summary. Prove that the expanded accounting equation balances.
Assets | = | Liabilities | Stockholders' Equity | |||||
---|---|---|---|---|---|---|---|---|
$ | = | + OR - | $ |
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