Assets equal liabilities

(1}[2}(3} (4) -(5} ‘ (5}m{3} {91{10} $2,430 ‘+’ s? see 4}” seen + some $300 + 35,000 + $10.00!] + $3.200-+2300 – 1 . +2,ooo H.500 _ .—300 4004’50 +750 —2.500 —2.500

Required

.a. Show that assets equal liabilities plus stockholders’ equity as of May 1.

b. Describe the :1th transaction indicated by each line. (For example. line 2; Borrowed $2.000,giving a note payable.) If any line could reasonably represent more than one type of transaction, describe each type.

c. Show that assets equal liabilities plus stockholders‘ equity as of May 3].

This is a sample question

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