The following transactions occurred during the month of May.

Anonymous
timer Asked: Sep 22nd, 2017
account_balance_wallet $15

Question description

Problem 1-4A (Part Level Submission)

Trixie Maye started her own consulting firm, Matrix Consulting, on May 1, 2017. The following transactions occurred during the month of May.

May 1Trixie invested $6,000 cash in the business.
2Paid $900 for office rent for the month.
3Purchased $500 of supplies on account.
5Paid $100 to advertise in the County News.
9Received $4,100 cash for services performed.
12Withdrew $1,100 cash for personal use.
15Performed $5,000 of services on account.
17Paid $2,100 for employee salaries.
20Paid for the supplies purchased on account on May 3.
23Received a cash payment of $3,800 for services performed on account on May 15.
26Borrowed $5,400 from the bank on a note payable.
29Purchased equipment for $4,100 on account.
30Paid $250 for utilities.



Collapse question part

(a)

Show the effects of the previous transactions on the accounting equation. (If a transaction results in a decrease in Assets, Liabilities 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 Illustration 1-8 for example.)

MATRIX CONSULTING

Assets

=

Liabilities

+

Owner’s Equity


Date


Cash

+

Accounts
Receivable

+


Supplies

+


Equipment

=

Notes
Payable

+

Accounts
Payable

+

Owner’s
Capital

Owner’s
Drawings

+


Revenues


Expenses

1$

$

$

$

$

$

$

$

$

$

2

3

5

9

12

15

17

20

23

26

29

30

$

$

$

$

=

$

$

$

$

$

$



Tutor Answer

Tutor_Booth
School: Duke University

Attached.

Name
Institution
Date
Problem 1-4A (Part Level Submission)

MATRIX CONSULTING

Date
May
1
2
3
5
9
12
15
17
20
23
26
29
30
Total
Balance

$

Cash
Dr
6,000.00

Cr
$

ASSETS = LIABILITIES + OWNE
ASSETS (+)
Accounts Receivable
Supplies
...

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