Steve owns an insurance office, while Amy operates a maintenance service that provides basic custodial duties....

 

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Steve owns an insurance office, while Amy operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred. May 2 Amy decides that she will need insurance for a one-day special event at the end of the month and pays Steve $120 in advance. May 5 Any provides maintenance services to Steve's insurance offices on account, $335. May 7 Steve borrows $320 from Amy by signing a note.. May 14 Amy purchases maintenance supplies from Spot Corporation, paying cash of $110. May 19 Steve pays $335 to Amy for maintenance services provided on May 5. May 25 Steve pays the utility bill for the month of May, $117. May 28 Amy receives insurance services from Steve equaling the amount paid on May 2. May 31 Steve pays $320 to Amy for money borrowed on May 7. 2. Using the format shown below, enter the impact of each transaction on the accounting equation for each company. (Decreases to account classifications should be entered as a negative.) STEVE'S INSURANCE SERVICES Assets = Liabilities + May 2 $ 120 May 2 May 5 $ 120 AMY'S MAINTENANCE SERVICES Stockholders' Equity Assets Liabilities + Stockholders' Equity $ 0 $ 120 S 0 $ 0 $ (120) May 7 May 7 May 14 May 14 May 19 May 19 May 25 May 28 May 31 May 31 Steve owns an insurance office, while Amy operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred. May 2 Amy decides that she will need insurance for a one-day special event at the end of the month and pays Steve $120 in advance. May 5 Any provides maintenance services to Steve's insurance offices on account, $335. May 7 Steve borrows $320 from Amy by signing a note.. May 14 Amy purchases maintenance supplies from Spot Corporation, paying cash of $110. May 19 Steve pays $335 to Amy for maintenance services provided on May 5. May 25 Steve pays the utility bill for the month of May, $117. May 28 Amy receives insurance services from Steve equaling the amount paid on May 2. May 31 Steve pays $320 to Amy for money borrowed on May 7. 2. Using the format shown below, enter the impact of each transaction on the accounting equation for each company. (Decreases to account classifications should be entered as a negative.) STEVE'S INSURANCE SERVICES Assets = Liabilities + May 2 $ 120 May 2 May 5 $ 120 AMY'S MAINTENANCE SERVICES Stockholders' Equity Assets Liabilities + Stockholders' Equity $ 0 $ 120 S 0 $ 0 $ (120) May 7 May 7 May 14 May 14 May 19 May 19 May 25 May 28 May 31 May 31