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Question 1: Analyze the? events chronologically, one transaction at a time beginning with the May 1 transaction. For each transaction that follows ?the May? 1st ?transaction, calculate the balance in each account after analyzing its effect on the accounting equation. ?(Complete only the necessary answer boxes for your transaction lines.? [Do not enter any zeros for your transaction? lines.] Carry down all balances to the? "Bal." line, including zero balance? accounts, entering a? "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviation? used: Contr.? = Contributed; Liab.? = Liabilities.)
May 1
Received $2,200 and gave capital to Edmond Lawlor.
May 3
Purchased a mower on account, $1,900.
May 5
Performed lawn services for client on account, $1,000.
May 17
Paid $40 cash for gas used in mower.
May 28
Edmond Lawlor withdrew cash of $1,100.
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