1. Set up an expanded accounting equation spreadsheet using the following accounts: Assets Liabilities Owner's Equity...

  

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1. Set up an expanded accounting equation spreadsheet using the following accounts: Assets Liabilities Owner's Equity Cash Accounts Payable I freedman, Capital Supplies L freedman, Withdawals Computer Shop Equipment Senice Revenue Expenses (notate type) Ofice Equipment 2. Analyze and record each transaction in the expanded accounting equation. 3. Prepare the financial statements for Precision Computer Centre for the period ending May 31. List of Transactions Tony Freedman decided to begin his own computer service business on May 2, 2022. He named the business the Precision Computer Centre. During the month of May, Tony conducted the following business transactions: A. Invested $4,500 of his savings into the business. B. Paid $1,200 (cheque No. 201) for a computer from Multi Systems, Inc. C. Paid S600 (cheque No. 202) for office equipment from Office Furniture, Inc. D. Set up a new account with Staples and purchased $250 in oftice supplies on credit. E. Paid May rent, $400 (cheque No. 203). F. Repaired a system for a customer; collected $250. G. Collected $200 for system upgrade labour charge from a customer. H. Electrie bill due at May 31 but unpaid, S85. L. Received $1,200 for services performed on Taylor Golf computers. J. Tony withdrew $100 (cheque No. 204) to take his wife Carol out in celebration of opening the new business. Note: The business ia too amall to worry about GST (or HST), and PST not applicable either. Tony's company may on occasion pay some GST or HST, but these details are not used in any transactions until a later chapter. 1. Set up an expanded accounting equation spreadsheet using the following accounts: Assets Liabilities Owner's Equity Cash Accounts Payable I freedman, Capital Supplies L freedman, Withdawals Computer Shop Equipment Senice Revenue Expenses (notate type) Ofice Equipment 2. Analyze and record each transaction in the expanded accounting equation. 3. Prepare the financial statements for Precision Computer Centre for the period ending May 31. List of Transactions Tony Freedman decided to begin his own computer service business on May 2, 2022. He named the business the Precision Computer Centre. During the month of May, Tony conducted the following business transactions: A. Invested $4,500 of his savings into the business. B. Paid $1,200 (cheque No. 201) for a computer from Multi Systems, Inc. C. Paid S600 (cheque No. 202) for office equipment from Office Furniture, Inc. D. Set up a new account with Staples and purchased $250 in oftice supplies on credit. E. Paid May rent, $400 (cheque No. 203). F. Repaired a system for a customer; collected $250. G. Collected $200 for system upgrade labour charge from a customer. H. Electrie bill due at May 31 but unpaid, S85. L. Received $1,200 for services performed on Taylor Golf computers. J. Tony withdrew $100 (cheque No. 204) to take his wife Carol out in celebration of opening the new business. Note: The business ia too amall to worry about GST (or HST), and PST not applicable either. Tony's company may on occasion pay some GST or HST, but these details are not used in any transactions until a later chapter.

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