Problem 1-04A a-c (Part Level Submission) (Video) Maria Miller started her own consulting firm, Sheridan Consulting,...

Problem 1-04A a-c (Part Level Submission) (Video)

Maria Miller started her own consulting firm, Sheridan Consulting, on May 1, 2020. The following transactions occurred during the month of May.

May 1		Trixie invested $7,500 cash in the business.
2		Paid $850 for office rent for the month.
3		Purchased $500 of supplies on account.
5		Paid $130 to advertise in the County News.
9		Received $4,400 cash for services performed.
12		Withdrew $1,200 cash for personal use.
15		Performed $5,600 of services on account.
17		Paid $2,600 for employee salaries.
20		Made a partial payment of $300 for the supplies purchased on account on May 3.
23		Received a cash payment of $4,100 for services performed on account on May 15.
26		Borrowed $4,700 from the bank on a note payable.
29		Purchased equipment for $4,000 on account.
30		Paid $350 for utilities. (a) Show the effects of the previous transactions on the accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Owners 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 1-8 for example.)

Expert Solution

ekkarill92 answered 2 years ago

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