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Indicate the effect of the may transaction on the worksheet

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Reference no: EM132987725

Question - Daniels Company is owned and operated by Thomas Daniels. The following selected transactions were completed by Daniels Company during the first days of May:

1st May. Received cash from owner as additional investment, $55,000.

2nd May. Paid creditors on account, $7,000.

3rd May. Billed (send an invoice to) customers for services on account, $2,565.

4th May. Received the utility bill, $160, to be paid next month.

Indicate the effect of the 1st and 2nd May transaction on the worksheet, increase or (decrease - in brackets).

Reference no: EM132987725

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