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Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2012. The following transactions occurred during the month of May.
May
1
Carla invested $7,000 cash in the business.
2
Paid $900 for office rent for the month.
3
Purchased $600 of supplies on account.
5
Paid $125 to advertise in the County News.
9
Received $4,000 cash for services provided.
12
Withdrew $1,000 cash for personal use.
15
Performed $5,400 of services on account.
17
Paid $2,500 for employee salaries.
20
Paid for the supplies purchased on account on May 3.
23
Received a cash payment of $4,000 for services provided on account on May 15.
26
Borrowed $5,000 from the bank on a note payable.
29
Purchased office equipment for $4,200 on account.
30
Paid $275 for utilities.
Instructions
(a) Show the effects of the previous transactions on the accounting equation using the following format.
Assets
Liabilities
Owner's Equity
Accounts
Notes
Owner's
Date
Cash
+ Receivable
+ Supplies
+ Equipment
= Payable
+ Payable
+ Capital
- Drawings
+ Revenues
- Expenses
(b) Prepare an income statement for the month of May.
(c) Prepare a balance sheet at May 31, 2012.
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