Nona Curry started her own consulting firm, Splish Brothers Inc., on May 1, 2017. The following...

Nona Curry started her own consulting firm, Splish Brothers Inc., on May 1, 2017. The following transactions occurred during the month of May.

May 1 Stockholders invested $22,350 cash in the business in exchange for common stock. May 2 Paid $894 for office rent for the month. May 3 Purchased $745 of supplies on account. May 5 Paid $223 to advertise in the County News. May 9 Received $2,086 cash for services performed. May 12 Paid $298 cash dividend. May 15 Performed $6,258 of services on account. May 17 Paid $3,725 for employee salaries. May 20 Paid for the supplies purchased on account on May 3. May 23 Received a cash payment of $1,788 for services performed on account on May 15. May 26 Borrowed $7,450 from the bank on a note payable. May 29 Purchased office equipment for $2,980 paying $298 in cash and the balance on account. May 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. Prepare an income statement for the month of May 2017. Prepare a classified balance sheet at May 31, 2017.

Expert Solution

ekkarill92 answered 2 years ago

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