May 1
Stockholders invested $ 17,619 cash in the business in exchange for common stock.
2
Paid $ 705 for office rent for the month.
3
Purchased $ 587 of supplies on account.
5
Paid $ 176 to advertise in the County News.
9
Received $ 1,644 cash for services performed.
12
Paid $ 235 cash dividend.
15
Performed $ 4,933 of services on account.
17
Paid $ 2,937 for employee salaries.
20
Paid for the supplies purchased on account on May 3.
23
Received a cash payment of $ 1,410 for services performed on account on May 15.
26
Borrowed $ 5,873 from the bank on a note payable.
29
Purchased office equipment for $ 2,349 paying $ 235 in cash and the balance on account.
30
Paid $ 211 for utilities.
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1)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. See Illustration 3-3 for example.)
2) Prepare an income statement for the month of May 2014.
3) Prepare a classified balance sheet at May 31, 2014. (List current assets in order of liquidity)
