velor inc. began operation on may 1 , 2014 the transactions for the first time month follow

you

Question 8 [50 points] Velor Inc began operations on May 1, 2014. The transactions for the first month follow a Velor Inc issued shares to shareholders for $45,000 b. A client rented equipment for $5,500 cash c. Velor Inc. provided $3,000 of consulting services for a customer who will pay within 30 days d Furniture was rented by a customer for $800 cash o. The $1,500 bill for the advertising campaign that ran last week was received today. It will be paid within 30 days 1 Fumiture was rented by a customer for $1,700 on credit g Velor inc will pay this month's utilities bill of $400 received today, within 30 days h Velor inc provided $2,250 of consulting services for a customer who will pay within 30 days Performed consulting services today and collected $400. | Velar Inc paid dividends of $2,500 to the shareholders Fill out the following table, according to the transactions above Select the headings for each column by clicking on the appropriate cell Use additions and subtractions to show the transactions' effects on the elements of the equation. Show new totals after each fransaction. Also indicate next to each change in the equity (in the explanation column) whether it was caused by issuance of share capital (investment), a revenue, an expense or payment of dividends identify revenues and expenses by name In addition to this, prepare an income statement, a statement of changes in equity and a balance sheet for the month ended May 31, a) Complete the following accounting equation table You have been given the following guide regarding the chart of accounts for Benson Inc.: 100-199 Assets 400-499 Revenues 200-299 Liabilities 500-599 Expenses 300-399 Equity Develop a chart of accounts for Benson Inc. using the numbering system provided above. You have been given the following guide regarding the chart of accounts for Benson Inc.: 100-199 Assets 400-499 Revenues 200-299 Liabilities 500-599 Expenses 300-399 Equity Develop a chart of accounts for Benson Inc. using the numbering system provided above