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QUESTION

ssuming the role of an accountant, your new client Suzie Maye needs help in setting up basic accounting practices for her business. You begin by showing her how to set up a transaction analysis based

ssuming the role of an accountant, your new client Suzie Maye needs help in setting up basic accounting practices for her business. You begin by showing her how to set up a transaction analysis based on the accounting equation of Assets = Liabilities + Owner’s Assets. You show Suzie how to enter the various assets, liabilities and owner’s assets into the transaction analysis template demonstrating the balance based on the equation. This will help Suzie understand that through this process every financial transaction that occurs in her business must be reconciled on each side of the equation.

Please record the following transactions using transaction analysis. Please use this template to complete this assignment.

1-May

Owner, Suzie Maye, invested $7,000 in her business, Matrix Consulting.

2-May

Company paid monthly rent, $900.

3-May

Company bought supplies on account, $600.

5-May

Company paid monthly advertising, $125.

9-May

Company performed services, $4,000.

12-May

Owner, Suzie Maye, withdrew $1,000 for personal use.

15-May

Company performed services on account for $5,400.

17-May

Company paid monthly salaries, $2,500.

20-May

Company made a payment on account, $600.

23-May

Company received $4,000 from a customer on account.

26-May

Company borrowed $5,000 from local bank.

29-May

Company bought equipment on account for $4,200.

30-May

Company paid monthly utilities, $275.

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