Please see below. I need help with this asap please and thank you. The first picture is the information needed and the second has what the problem is asking for the answer to. Nona Curry started her own consulting firm, Sage Hill Inc., on May 1, 2022. The following transactions occurred during the month ofMay.May 1Stockholders invested $18,150 cash in the business in exchange for common stock.2Paid $726 for office rent for the month.3.Purchased $605 of supplies on account.Paid $182 to advertise in the County News.6.Received $1,694 cash for services performed.12Paid $242 cash dividend.15Performed $5,082 of services on account.17Paid $3,025 for employee salaries.20Paid for the supplies purchased on account on May 3.23Received a cash payment of $1,452 for services performed on account on May 15.26Borrowed $6,050 from the bank on a note payable.29Purchased office equipment for $2,420 paying $242 in cash and the balance on account.30Paid $218 for utilities. Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is tobe repaid within the year. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (orparentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 forexample.)AssetsDateCashAccounts ReceivableSuppliesMay 1%2.%24May 2May 3May 5May 9May 12May 15May 17May 20May 2

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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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Please see below. I need help with this asap please and thank you. The first picture is the information needed and the second has what the problem is asking for the answer to.

Nona Curry started her own consulting firm, Sage Hill Inc., on May 1, 2022. The following transactions occurred during the month of
May.
May 1
Stockholders invested $18,150 cash in the business in exchange for common stock.
2
Paid $726 for office rent for the month.
3.
Purchased $605 of supplies on account.
Paid $182 to advertise in the County News.
6.
Received $1,694 cash for services performed.
12
Paid $242 cash dividend.
15
Performed $5,082 of services on account.
17
Paid $3,025 for employee salaries.
20
Paid for the supplies purchased on account on May 3.
23
Received a cash payment of $1,452 for services performed on account on May 15.
26
Borrowed $6,050 from the bank on a note payable.
29
Purchased office equipment for $2,420 paying $242 in cash and the balance on account.
30
Paid $218 for utilities.

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. See Illustration 3-4 for
example.)
Assets
Date
Cash
Accounts Receivable
Supplies
May 1
%2.
%24
May 2
May 3
May 5
May 9
May 12
May 15
May 17
May 20
May 2

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According to the accounting equation, a company's total assets equal the sum of its liabilities and shareholders' equity. This simple number on a company balance sheet is regarded as the bedrock of the double-entry accounting system.

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