Question

please i need you guys to do the income statement and bank statement for me

signment CALCULATOR FULL SCREEN Problem 1-04A a-c (Video) Ruth Lewis started her own consulting firm, Sunland Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1 Trixie invested $7,800 cash in the business. 2 Paid $850 for office rent for the month. 3 Purchased $600 of supplies on account 5 Paid $110 to advertise in the County News 9 Received $4,400 cash for services performed 12 Withdrew $1,100 cash for personal use. 15 Performed $5,100 of services on account 17 Pald $2,600 for employee salaries. 20 Made a partial payment of $400 for the supplies purchased on account on May 3. 23 Received a cash payment of $3,600 for services performed on account on May 15. 26 Borrowed $4,700 from the bank on a note payable. 29 Purchased equipment for $4,400 on account. 30 Paid $300 for utilities Show the effects of the previous transactions on the accounting equation (If a transaction results in a decrease in Assets, Liabilities or Owners parentheses) in front of the amount entered for the particular Asset Llability or Eculty item that was reduced. See Illustration I8 for e

Answer 1

Showing the effects of the previous transactions on the accounting equation:-

Sunland Consulting

Worksheet

For the Month of May

Date					Assets			=	Liabilities			+	Owner's		Equity
May	Cash	+	A/R	+	Supplies	+	Equipment	=	A/P	+	N/P	+	Capital	-	Drawings	+	Revenue	-	Expenses	Explanation
1	$7,800	+		+		+		=		+		+	$7,800	-		+		-
2	(850)	+		+		+		=		+		+		-		+		-	$850	Rent Expense
3		+		+	$600	+		=	$600	+		+		-		+		-
5	(110)	+		+		+		=		+		+		-		+		-	110	Advertising Expense
9	4,400	+		+		+		=		+		+		-		+	$4,400	-
12	(1,100)	+		+		+		=		+		+		-	$1,100	+		-
15		+	$5,100	+		+		=		+		+		-		+	5,100	-
17	(2,600)	+		+		+		=		+		+		-		+		-	2,600	Salaries Expense
20	(400)	+		+		+		=	(400)	+		+		-		+		-
23	3,600	+	(3,600)	+		+		=		+		+		-		+		-
26	4,700	+		+		+		=		+	$4,700	+		-		+		-
29		+		+		+	$4,400	=	4,400	+		+		-		+		-
30	(300)	+		+		+		=		+		+		-		+		-	300	Utilities Expense
Bal.	$15,140	+	$1,500	+	$600	+	$4,400	=	$4,600	+	$4,700	+	$7,800	-	$1,100	+	$9,500	-	$3,860

Preparing Financial Statements:-

Sunland Consulting

Income Statement

For the Month Ended May 31,2020

Accounts	Amount	Amount
Service Revenue		$9,500
Less:- Expenses
Rent Expense	$850
Advertising Expense	110
Salaries Expense	2,600
Utilities Expense	300
Total Expenses		$(3,860)
Net Income		$5,640

Sunland Consulting

Statement of Owner's Equity

For the Month Ended May 31,2020

Accounts	Amount
Owner's Capital, May 1	$7,800
Add:- Net Income	5,640
	$13,440
Less:- Drawings	(1,100)
Owner's Capital, May 31	$12,340

Sunland Consulting

Balance Sheet

May 31,2020

Accounts	Amount	Amount
Assets:-
Cash	$15,140
Accounts Receivable	1,500
Supplies	600
Equipment	4,400
Total Assets		$21,640
Liabilities and Owner's Equity:-
Liabilities:-
Accounts Payable	$4,600
Notes Payable	4,700
Total Liabilities		$9,300
Owner's Equity:-
Owner's Capital, May 31	$12,340
Total Owner's Equity		$12,340
Total Liabilities and Owner's Equity		$21,640

Preparing Bank Statement:-

Sunland Consulting

Bank Statement

For the Month of May

Date	Description	Debit	Credit	Balance
May 1	Invested in Business	$7,800		$7,800
2	paid Rent Expense		$850	$6,950
5	Paid Advertising Expense		110	$6,840
9	Received Cash for Service Performed	4,400		$11,240
12	Withdrew for Personal use		1,100	$10,140
17	Paid Salaries to Employees		2,600	$7,540
20	Paid Accounts Payable		400	$7,140
23	Collection from Accounts	3,600		$10,740
26	Borrowed from Bank	4,700		$15,440
30	Paid Utilities		300	$15,140
	Balance at the end of Month	$15,140