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Paid $ 211 for utilities.
1)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. See Illustration 3-3 for example.)
2) Prepare an income statement for the month of May 2014.
3) Prepare a classified balance sheet at May 31, 2014. (List current assets in order of liquidity)
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