The following transactions occurred during the month of May.

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Problem 1-4A (Part Level Submission)

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 $6,000 cash in the business.
2 Paid $900 for office rent for the month.
3 Purchased $500 of supplies on account.
5 Paid $100 to advertise in the County News.
9 Received $4,100 cash for services performed.
12 Withdrew $1,100 cash for personal use.
15 Performed $5,000 of services on account.
17 Paid $2,100 for employee salaries.
20 Paid for the supplies purchased on account on May 3.
23 Received a cash payment of $3,800 for services performed on account on May 15.
26 Borrowed $5,400 from the bank on a note payable.
29 Purchased equipment for $4,100 on account.
30 Paid $250 for utilities.

Collapse question part

(a)

Show the effects of the previous transactions on the accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Owners Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)

MATRIX CONSULTING

Assets

=

Liabilities

+

Owner’s Equity

Date

Cash

+

Accounts
Receivable

+

Supplies

+

Equipment

=

Notes
Payable

+

Accounts
Payable

+

Owner’s
Capital

Owner’s
Drawings

+

Revenues

Expenses

1 $

$

$

$

$

$

$

$

$

$

2

3

5

9

12

15

17

20

23

26

29

30

$

$

$

$

=

$

$

$

$

$

$

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