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Maisie Taft started her wn LoNsulting firm, Maisie Consulting, on May 1, 2022. The following transactions occured duriing the month of May. May 1 Maisie irivested $7.000 cash in the business. 2 Paid $900 fur office rent for the month. 3 Purchased $800 of supplies on acCDunt. Paid $125 to advertise in the Cnanty News. Reccived $4.000 cash for serviCes performed. 12 Withdrew $1.000 cash for per sonal use. 15 Performed S6,400 of serviICS On account. 17 Paid $2.500 for employee salaries. 20 Made a partial paymernt of $600 for the supplies purchased on account un May 3. 23 Rei cived acash payment of $1.000 for Services performed on account or May 15. 26 Borrowed 35,000 from the bank on a note payable. 29 Purchased equipmeni for $4,200 ori accournt. 30 Paid $275 for utilities.

Maisie Taft started her wn LoNsulting firm, Maisie Consulting, on May 1, 2022. The following transactions occured duriing the month of May. May 1 Maisie irivested $7.000 cash in the business. 2 Paid $900 fur office rent for the month. 3 Purchased $800 of supplies on acCDunt. Paid $125 to advertise in the Cnanty News. Reccived $4.000 cash for serviCes performed. 12 Withdrew $1.000 cash for per sonal use. 15 Performed S6,400 of serviICS On account. 17 Paid $2.500 for employee salaries. 20 Made a partial paymernt of $600 for the supplies purchased on account un May 3. 23 Rei cived acash payment of $1.000 for Services performed on account or May 15. 26 Borrowed 35,000 from the bank on a note payable. 29 Purchased equipmeni for $4,200 ori accournt. 30 Paid $275 for utilities.

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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Maisie consulting
Maisie Taft started her own LoNsulting firm. Maisie Consulting, on May 1, 2022. The following transactions occuired duriig the month of May. May 1 Maisie invested $7.000 cash in the business. 2 Paid $900 fur affice rent for the month. 3. Purchased 5800 of supplies on account. Paid $125 to advertise in the County News Reccived $4.000 cash for services performed. 12 Withdrew $1.000 cash for per sonaluse. 15 Performed S6.400 of services on account. 17 Paid $2.500 for employee salaries. 20 Made a partial payment of $600 for Lhe supplies purchased on account un May 3. 23 ReL cived acash payment of $1.000 for services performed onaccount or May 15. 26 Borrowed 55,000 from the bank on a note payable. 29 Purchased equipment for $4,200 on account. 30 Paid $275 for iatilities. (a) Show ilie effects of the previous transactions ornthe a.countingejuationi (Ifa 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, Llability or Equity item that was reduced. See Illustration 1-8 for example.)
Transcribed Image Text:Maisie Taft started her own LoNsulting firm. Maisie Consulting, on May 1, 2022. The following transactions occuired duriig the month of May. May 1 Maisie invested $7.000 cash in the business. 2 Paid $900 fur affice rent for the month. 3. Purchased 5800 of supplies on account. Paid $125 to advertise in the County News Reccived $4.000 cash for services performed. 12 Withdrew $1.000 cash for per sonaluse. 15 Performed S6.400 of services on account. 17 Paid $2.500 for employee salaries. 20 Made a partial payment of $600 for Lhe supplies purchased on account un May 3. 23 ReL cived acash payment of $1.000 for services performed onaccount or May 15. 26 Borrowed 55,000 from the bank on a note payable. 29 Purchased equipment for $4,200 on account. 30 Paid $275 for iatilities. (a) Show ilie effects of the previous transactions ornthe a.countingejuationi (Ifa 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, Llability or Equity item that was reduced. See Illustration 1-8 for example.)
Maisie Taft started her own LoNsulting firm. Maisie Consulting, on May 1, 2022. The following transactions occuired duriig the month of May. May 1 Maisie invested $7.000 cash in the business. 2 Paid $900 fur affice rent for the month. 3. Purchased 5800 of supplies on account. Paid $125 to advertise in the County News Reccived $4.000 cash for services performed. 12 Withdrew $1.000 cash for per sonaluse. 15 Performed S6.400 of services on account. 17 Paid $2.500 for employee salaries. 20 Made a partial payment of $600 for Lhe supplies purchased on account un May 3. 23 ReL cived acash payment of $1.000 for services performed onaccount or May 15. 26 Borrowed 55,000 from the bank on a note payable. 29 Purchased equipment for $4,200 on account. 30 Paid $275 for iatilities. (a) Show ilie effects of the previous transactions ornthe a.countingejuationi (Ifa 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, Llability or Equity item that was reduced. See Illustration 1-8 for example.)
Transcribed Image Text:Maisie Taft started her own LoNsulting firm. Maisie Consulting, on May 1, 2022. The following transactions occuired duriig the month of May. May 1 Maisie invested $7.000 cash in the business. 2 Paid $900 fur affice rent for the month. 3. Purchased 5800 of supplies on account. Paid $125 to advertise in the County News Reccived $4.000 cash for services performed. 12 Withdrew $1.000 cash for per sonaluse. 15 Performed S6.400 of services on account. 17 Paid $2.500 for employee salaries. 20 Made a partial payment of $600 for Lhe supplies purchased on account un May 3. 23 ReL cived acash payment of $1.000 for services performed onaccount or May 15. 26 Borrowed 55,000 from the bank on a note payable. 29 Purchased equipment for $4,200 on account. 30 Paid $275 for iatilities. (a) Show ilie effects of the previous transactions ornthe a.countingejuationi (Ifa 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, Llability or Equity item that was reduced. See Illustration 1-8 for example.)
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