Sharon Lee started her own consulting firm, Lee Consulting Inc., on May 1, 2022. The following transactions occurred during the
month of May.
May 1
Stockholders invested \$17,700 cash in the business in exchange for common stock.
2
Paid \$708 for office rent for the month.
3
Purchased \$590 of supplies on account.
5
Paid \$177 to advertise for the month in the County News.
9
Performed services for customer for \$1,652 cash.
12
Paid \$236 cash dividend.
15 Performed \$4,956 of services on account.
17
Paid \$2,950 for employee salaries.
20
Paid for the supplies purchased on account on May 3.
23
Received a cash payment of \$1,416 for services performed on account on May 15.
26
Borrowed \$5,900 from the bank on a note payable.
29
Purchased office equipment for \$2,360 paying \$236 in cash and the balance on account.
30
Paid \$220 for utilities.