08 X A B F G | J L M O P R S T D E Assets K Liabilities E Equity Layn Accounts Receivable Accounts Payable Supplies Equipment Income Accts Owners Accts Cash 2,500 1 1,300 1,300 10 11 12 Bal. 2,500 1,300 1,300 9 Net Income Owners Equity Total Equity Assets Liabilities 3 1. Hamilton invests $2500 into company bank account. 12. Purchased lawnmowers and equipment on account, $1300. 5 3. Paid $1,300 for lawn equipment purchased in transaction 2. 4 Performed lawn care services for cash customers, received $950. 75 Paid $300 for an Ad in local newspaper. 6 Paid cash for supplies, $195. 9 7 Paid Paid wages to part-time assistant, $280. 08. Performed lawn care services for credit customers, $1100. 210. Received $1400 from credit customers. 3 (11. Received an invoice for gasoline purchased on account during May, $50. 1.12. Jim withdrew $300 from the business for personal use. Jim's Lawn Care Balance Sheet Jim's Lawn Care Jim's Lawn Care May 31, 20- Income Statement Statement of Owner's Equity Assets Liabilities For the Month Ended May 31, 20-- For the Month Ended May 31, 20-- A/P 9 Fees Earned A/R Hamilton Operating Expenses: Beg. Balance Supplies Owners Advertising expense Investment Lawn Equip Equity Gasoline expense Net Income for May Wages expense Less: withdrawls Liabilities Total Operating Expenses Hamilton, Cap. May 31 Total Assets & Equity Net Income Cash