01-May-23	opened a new business bank account and contributed $25,000 from your personal chequing account into it.
03-May-23	Used $2,000 cash to purchase a vehicle for the business.
04-May-23	Paid $3,600 for vehicle insurance. The insurance is for a one year period.
10-May-23	Collected a $5,000 deposit from a customerfor work to be performed later.
17-May-23	Incurred vehicle operating costs of $700 (gas, repairs, etc.). Paid with cash.
20-May-23	Performed $1,000worth of work related to the May 10th event.
22-May-23	Withdrew $3,000from the businessfor personal use.
31-May-23	One month of insurance expired.We'll ignore any depreciation on the vehicle.

 

REQUIRED:

i)	a summary table documenting the impact to the account balance for each event listed above.
ii)	an Income Statement (in good form) and Stmt of Changes in Equity (in good form) for the month. Use whatever name you'd like for your business.

Answer rating: 100% (QA)

i Summary Table Date Transaction Description Debit Credit Account Balance 01May23 Contr... View the full answer