Following are the transactions of Green Energy Company. May 1 The company provided $2,000 of sustainability consulting services on credit to a customer. May 3 The company purchased $300 of energy-efficient supplies on credit. May 9 The company collected $500 cash as partial payment of the May 1 consulting revenue. May 20 The company paid $300 cash toward the payable for energy-efficient supplies. May 31 The company paid $100 cash for May’s renewable energy utilities. Analyze each transaction of the Green Energy Company by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Consulting Revenue; and Utilities Expense.
Following are the transactions of Green Energy Company. May 1 The company provided $2,000 of sustainability consulting services on credit to a customer. May 3 The company purchased $300 of energy-efficient supplies on credit. May 9 The company collected $500 cash as partial payment of the May 1 consulting revenue. May 20 The company paid $300 cash toward the payable for energy-efficient supplies. May 31 The company paid $100 cash for May’s renewable energy utilities. Analyze each transaction of the Green Energy Company by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Consulting Revenue; and Utilities Expense.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Following are the transactions of Green Energy Company.
| May 1 | The company provided $2,000 of sustainability consulting services on credit to a customer. |
|---|---|
| May 3 | The company purchased $300 of energy-efficient supplies on credit. |
| May 9 | The company collected $500 cash as partial payment of the May 1 consulting revenue. |
| May 20 | The company paid $300 cash toward the payable for energy-efficient supplies. |
| May 31 | The company paid $100 cash for May’s renewable energy utilities. |
Analyze each transaction of the Green Energy Company by showing its effects on the
Transcribed Image Text:Date
May 1
May 3
May 9
May 9
May 20
May 31
Assets
=
=
=
=
Liabilities
Transcribed Image Text:Equity
+
+
+ +
+
+
+
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