NTER VERSION BACK ES Problem 14A Trocle Maye started her own

NTER VERSION BACK ES Problem 1-4A Trocle Maye started her own consulting firm, Matrix Consulting, on May 1, 2017. The following transactions occurred during the month of May May 1 Trile Invested $6,000 cash in the business. 2 Paid $750 for office rent for the month 3 Purchased $500 of supplies on account 5 Paid $100 to advertise in the County News 9 Recelved $3,500 cash for services performed 12 Withdrew $1,000 cash for personal use. 15 Performed $4,900 of services on account 17 Paid $2,000 for employee salaries 20 Paid for the supplies purchased on account on May 3 23 Recelived a cash payment of $3,500 for services performed on account on May 15 26 Borrowed $4,500 frem the hank on a note payable 29 Purchased equipment for $4,000 on account 0 Paid $250 for utlities Show the effects of the previous transactions on the accounting equation.(f a transaction results in a decrease in Assets,Liabities 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 neustration ita fur example.) MATRIX CONSULTING Assets Accounts Notes Payable Owners Owner\'s Cash + + -Equipment Payable CapitalDrawingsRevenues Supplies Expenses

Solution

Assets Liability Equity Date Cash + Accounts Receivable - Supplies + Equipment = Notes payable + Accounts payable + Owner\'s Capital - Owner\'s Drawings + Revenues - Expenses May 1 6000 6000 2 -750 750 3 500 500 5 -100 100 9 3500 3500 12 -1000 1000 15 4900 4900 17 -2000 2000 20 -500 -500 23 3500 -3500 26 4500 4500 29 4000 4000 30 -250 250 12900 1400 500 4000 4500 4000 6000 1000 8400 3100 INCOME STATEMENT Revenues: Service revenue 8400 Expenses: Salaries and wages expense 2000 Rent expense 750 Avertising expense 100 Utilities expense 250 Total expenses 3100 Net income 5300 BALANCE SHEET ASSETS Cash 12900 Accounts receivable 1400 Supplies 500 Equipment 4000 Total assets 18800 LIABILITIES & OWNER\'S EQUITY Liabilities: Notes payable 4500 Accounts payable 4000 Total liabilities 8500 Owner\'s Equity: Owner\'s Capital 10300 Totl liabilities & Owner\'s equity 18800