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

Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.21E
icon
Related questions
Question
·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
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 4 images

Blurred answer
Knowledge Booster
Consolidations
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.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Entrepreneurial Finance
Entrepreneurial Finance
Finance
ISBN:
9781337635653
Author:
Leach
Publisher:
Cengage