Trixie Maye started her own consulting firm, Matrix Consulting, on May 1, 2017.The following transactions occurred during the month of May.May 1 Trixie invested $7,000 cash in the business.2 Paid $900 for office rent for the month.3 Purchased $600 of supplies on account.5 Paid $125 to advertise in the County News.9 Received $4,000 cash for services performed.12 Withdrew $1,000 cash

Chapter 1, Problem Set A #4
Trixie Maye started her own consulting firm, Matrix Consulting, on May 1, 2017.
The following transactions occurred during the month of May.
May 1 Trixie invested $7,000 cash in the business.
2 Paid $900 for office rent for the month.
3 Purchased $600 of supplies on account.
5 Paid $125 to advertise in the County 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 for the supplies purchased on account on May 3.
23 Received a cash payment of $4,000 for services performed on account on May 15.
26 Borrowed $5,000 from the bank on a note payable.
29 Purchased equipment for $4,200 on account.
30 Paid $275 for utilities.

Instructions
(a) Show the effects of the previous transactions on the accounting equation using the following format.

Trixie Maye started her own consulting firm, Matrix Consulting, on

(b) Prepare an income statement for the month of May.
(c) Prepare a balance sheet at May 31,2017.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...

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Accounting Principles

12th edition

Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso

ISBN: 978-1118875056

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