Reference no: EM132572346
Mr. X started her own consulting firm, "X" Consulting, on May 1, 2020. The following transactions occurred during the month of May. May
1 Mr X invested $20,000 cash in the business.
2 Purchased Equipment $1000 on credit for the month.
3 Purchased $500 of supplies on account.
5 Paid $225 to advertise in the Mounty News.
9 Received $6,000 cash for services provided.
12 Drawings $1,000 cash for personal use.
15 Performed $7,400 of services on account.
17 Paid $2,500 for employee salaries.
20 Paid for the supplies purchased on account on May 3.
23 Received a cash payment of $5,000 for services provided on account on May 15.
26 Borrowed $5,000 from the bank on a note payable.
29 Purchased office equipment for $5,200 in cash.
30 Paid $500 for utilities.
Instructions
Question (a) Show the effects of the previous transactions on the accounting equation.
Question (b) Prepare an Owner Equity Statement for the month of May.
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