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Assets Liabilities Stockholders' Equity Acco Notes Acco Com * unts Suppl+ Equip Pava *unts mon Retained Earnings Paya ble +unts Paya ble at Cash Recei vable ies ment Stock Expe - Divid ends Reve nues nses M ay M Rent Еxpe nse Adve rtisin Nona Curry started her own consulting firm, Sage Hill Inc., on May 1, 2017. The following transactions occurred during the month of May. Ёxpe nse May 1 Stockholders invested $17,325 cash in the business in exchange for common stock. 2 Paid $693 for office rent for the month. 3 Purchased $578 of supplies on account. Paid $173 to advertise for the month in the County News. S Received $1,617 cash for services performed. 12 Paid $231 cash dividend. 15 Performed $4,851 of services on account. Serv ice Reve nue Divid ends 12 Serv Sice Reve nue 17 Paid $2,888 for employee salaries. 15 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $1,386 for services performed on account on May 15. 26 Borrowed $5,775 from the bank on a note pavable. Sala ries and Wage M 29 Purchased office equipment for $2,310 paying $231 in cash and the balance on account. 30 Paid $208 for utilities. 17 Еxpe nse M ay 20 Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) ay 23 M SAGE HILL INC. 26

Assets Liabilities Stockholders' Equity Acco Notes Acco Com * unts Suppl+ Equip Pava *unts mon Retained Earnings Paya ble +unts Paya ble at Cash Recei vable ies ment Stock Expe - Divid ends Reve nues nses M ay M Rent Еxpe nse Adve rtisin Nona Curry started her own consulting firm, Sage Hill Inc., on May 1, 2017. The following transactions occurred during the month of May. Ёxpe nse May 1 Stockholders invested $17,325 cash in the business in exchange for common stock. 2 Paid $693 for office rent for the month. 3 Purchased $578 of supplies on account. Paid $173 to advertise for the month in the County News. S Received $1,617 cash for services performed. 12 Paid $231 cash dividend. 15 Performed $4,851 of services on account. Serv ice Reve nue Divid ends 12 Serv Sice Reve nue 17 Paid $2,888 for employee salaries. 15 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $1,386 for services performed on account on May 15. 26 Borrowed $5,775 from the bank on a note pavable. Sala ries and Wage M 29 Purchased office equipment for $2,310 paying $231 in cash and the balance on account. 30 Paid $208 for utilities. 17 Еxpe nse M ay 20 Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) ay 23 M SAGE HILL INC. 26

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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·1. .. |· . 1 5 6 .7 Assets Liabilities Stockholders' Equity Acco Acco Com at Cash + unts p=otes +unts Suppl+ Equip Paya Retained Earnings mon Recei vable Paya ble ble ies ment Stock Reve - Expe - Divid ends nues nses M ay M Rent Expe nse 23 M ay 3 Adve rtisin M ay Nona Curry started her own consulting firm, Sage Hill Inc., on May 1, 2017. The following transactions occurred during the month of May. Expe inse May 1 Stockholders invested $17,325 cash in the business in exchange for common stock. Serv M ay 9 ice Reve nue Paid $693 for office rent for the month. Purchased $578 of supplies on account. M ay 12 5 Paid $173 to advertise for the month in the County News. Divid 9 Received $1,617 cash for services performed. ends 12 Paid $231 cash dividend. Serv M ay 15 15 Performed $4,851 of services on account. Lice Reve nue 17 Paid $2,888 for employee salaries. 20 Paid for the supplies purchased on account on May 3. Sala ries and Wage 23 Received a cash payment of $1,386 for services performed on account on May 15. 26 Borrowed $5,775 from the bank on a note payable. ay 29 Purchased office equipment for $2,310 paving $231 in cash and the balance on account. 30 Paid $208 for utilities. Expe nse M ay 20 Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) M 23 SAGE HILL INC. M SAGE HILL INC. LL
Transcribed Image Text:·1. .. |· . 1 5 6 .7 Assets Liabilities Stockholders' Equity Acco Acco Com at Cash + unts p=otes +unts Suppl+ Equip Paya Retained Earnings mon Recei vable Paya ble ble ies ment Stock Reve - Expe - Divid ends nues nses M ay M Rent Expe nse 23 M ay 3 Adve rtisin M ay Nona Curry started her own consulting firm, Sage Hill Inc., on May 1, 2017. The following transactions occurred during the month of May. Expe inse May 1 Stockholders invested $17,325 cash in the business in exchange for common stock. Serv M ay 9 ice Reve nue Paid $693 for office rent for the month. Purchased $578 of supplies on account. M ay 12 5 Paid $173 to advertise for the month in the County News. Divid 9 Received $1,617 cash for services performed. ends 12 Paid $231 cash dividend. Serv M ay 15 15 Performed $4,851 of services on account. Lice Reve nue 17 Paid $2,888 for employee salaries. 20 Paid for the supplies purchased on account on May 3. Sala ries and Wage 23 Received a cash payment of $1,386 for services performed on account on May 15. 26 Borrowed $5,775 from the bank on a note payable. ay 29 Purchased office equipment for $2,310 paving $231 in cash and the balance on account. 30 Paid $208 for utilities. Expe nse M ay 20 Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) M 23 SAGE HILL INC. M SAGE HILL INC. LL
SAGE HILL INC. Retained Earnings Statemant SHOW LIST OF ACCOUNTS Prepare an income statement for the month of May 2017 SAGE HILL INC. Income Statement SHOW LIST OF ACCOUNTS Prepare a classifed balance shest at May 31, 2017. (List current assets in arder of liquidity) SAGE HILL INC. Balance Shest Assets SHOW LIST OF ACCOUNTS bem Prepare a retained earmings staterment for the menth of May 2017. Liabilities and Stockholders Euit
Transcribed Image Text:SAGE HILL INC. Retained Earnings Statemant SHOW LIST OF ACCOUNTS Prepare an income statement for the month of May 2017 SAGE HILL INC. Income Statement SHOW LIST OF ACCOUNTS Prepare a classifed balance shest at May 31, 2017. (List current assets in arder of liquidity) SAGE HILL INC. Balance Shest Assets SHOW LIST OF ACCOUNTS bem Prepare a retained earmings staterment for the menth of May 2017. Liabilities and Stockholders Euit
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