On May 1. Al-Hammadi establish Consulting firm; the following transaction were completed during the month. May...

 

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On May 1. Al-Hammadi establish Consulting firm; the following transaction were completed during the month. May 1 Invested $ 7,000 cash in the business. 2 Paid $ 900 for office rent for the month. Purchased $600 of supplies on account. 5 Paid $125 to advertise in the Country News. 9 Received $4,000 cash for services performed. 12 Withdrew $1,000 cash for personal use. 15 Performed $5,400 of services on account. 17 Paid $2,500 for employee salaries. 20 Paid $600 for the supplies purchased on account on May 3 23 Received a cash payment of $4,000 for services 3 on account on May 15. performed 29 Purchased equipment for $4,200 on account. 30 Paid $275 for utilities. Requirement: Show the effects of the previous transactions on the accounting equation On May 1. Al-Hammadi establish Consulting firm; the following transaction were completed during the month. May 1 Invested $ 7,000 cash in the business. 2 Paid $ 900 for office rent for the month. Purchased $600 of supplies on account. 5 Paid $125 to advertise in the Country News. 9 Received $4,000 cash for services performed. 12 Withdrew $1,000 cash for personal use. 15 Performed $5,400 of services on account. 17 Paid $2,500 for employee salaries. 20 Paid $600 for the supplies purchased on account on May 3 23 Received a cash payment of $4,000 for services 3 on account on May 15. performed 29 Purchased equipment for $4,200 on account. 30 Paid $275 for utilities. Requirement: Show the effects of the previous transactions on the accounting equation

Answer rating: 100% (QA)

Accounting Equation Liabilities Accounts payable Assets Owners Capital 3D Capital 700... View the full answer