Lisa Anderson started her own consulting firm, Lisa Consulting, on May 1, 2022. The following transactions occurred during the month of May. May 1 2 3 5 9 12 15 Lisa invested $6,700 cash in the business. Paid $850 for office rent for the month. Purchased $700 of supplies on account. Paid $160 to advertise in the County News. Received $3,600 cash for services performed. Withdrew $1,000 cash for personal use. Performed $5,800 of services on account.
Lisa Anderson started her own consulting firm, Lisa Consulting, on May 1, 2022. The following transactions occurred during the month of May. May 1 2 3 5 9 12 15 Lisa invested $6,700 cash in the business. Paid $850 for office rent for the month. Purchased $700 of supplies on account. Paid $160 to advertise in the County News. Received $3,600 cash for services performed. Withdrew $1,000 cash for personal use. Performed $5,800 of services on account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Prepare an income statement for the month of May
![Lisa Anderson started her own consulting firm, Lisa Consulting, on May 1, 2022. The following transactions occurred during the month
of May.
May 1
2
3
5
9
12
15
17
20
23
26
29
Lisa invested $6,700 cash in the business.
Paid $850 for office rent for the month.
Purchased $700 of supplies on account.
Paid $160 to advertise in the County News.
Received $3,600 cash for services performed.
Withdrew $1,000 cash for personal use.
Performed $5,800 of services on account.
Paid $2,500 for employee salaries.
Made a partial payment of $500 for the supplies purchased on account on May 3.
Received a cash payment of $4,100 for services performed on account on May 15.
Borrowed $5,000 from the bank on a note payable.
Purchased equipment for $4,100 on account.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fee246e18-2686-4f3b-bfb2-23125dafcffa%2Fa99b07e3-1b54-4100-8bb3-47d46efed115%2Fk13jdy3_processed.png&w=3840&q=75)
Transcribed Image Text:Lisa Anderson started her own consulting firm, Lisa Consulting, on May 1, 2022. The following transactions occurred during the month
of May.
May 1
2
3
5
9
12
15
17
20
23
26
29
Lisa invested $6,700 cash in the business.
Paid $850 for office rent for the month.
Purchased $700 of supplies on account.
Paid $160 to advertise in the County News.
Received $3,600 cash for services performed.
Withdrew $1,000 cash for personal use.
Performed $5,800 of services on account.
Paid $2,500 for employee salaries.
Made a partial payment of $500 for the supplies purchased on account on May 3.
Received a cash payment of $4,100 for services performed on account on May 15.
Borrowed $5,000 from the bank on a note payable.
Purchased equipment for $4,100 on account.
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education