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Make an income statement for the month of May

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Reference no: EM132624592

Question - Financial Statement Maisie Taft started her own consulting fi rm, Maisie Consulting, on May 1, 2020. The following transactions occurred during the month of May.

May 1 Maisie invested $7,000 cash in the business.

May 2 Paid $900 for offi ce rent for the month.

May 3 Purchased $800 of supplies on account.

May 5 Paid $125 to advertise in the County News.

May 9 Received $4,000 cash for services performed.

May 12 Withdrew $1,000 cash for personal use.

May 15 Performed $6,400 of services on account.

May 17 Paid $2,500 for employee salaries.

May 20 Made a partial payment of $600 for the supplies purchased on account on May 3.

May 23 Received a cash payment of $4,000 for services performed on account on May 15.

May 26 Borrowed $5,000 from the bank on a note payable.

May 29 Purchased equipment for $4,200 on account.

May 30 Paid $275 for utilities.

Instructions -

a. Show the effects of the previous transactions on the accounting equation using the following format.

b. Make an income statement for the month of May.

c. Make a balance sheet at May 31, 2020.

Reference no: EM132624592

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