[The following information applies to the questions displayed below.]Following are the transactions of Green Energy Company. May 1The company provided $2,000 of sustainability consulting services on credit to a customer.May 3The company purchased $300 of energy-efficient supplies on credit.May 9The company collected $500 cash as partial payment of the May 1 consulting revenue.May 20The company paid $300 cash toward the payable for energy-efficient supplies.May 31The company paid $100 cash for May’s renewable energy utilities. Analyze each transaction of the Green Energy Company by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Consulting Revenue; and Utilities Expense. DateMay 1May 3May 9May 9May 20May 31Assets====Liabilities Equity+++ ++++

The accounting equation states that assets equal to sum of liabilities and equity. The accounting…

Answered: Following are the transactions of Green…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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[The following information applies to the questions displayed below.]

Following are the transactions of Green Energy Company.

May 1	The company provided $2,000 of sustainability consulting services on credit to a customer.
May 3	The company purchased $300 of energy-efficient supplies on credit.
May 9	The company collected $500 cash as partial payment of the May 1 consulting revenue.
May 20	The company paid $300 cash toward the payable for energy-efficient supplies.
May 31	The company paid $100 cash for May’s renewable energy utilities.

Analyze each transaction of the Green Energy Company by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Use the following partial chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Consulting Revenue; and Utilities Expense.

Date
May 1
May 3
May 9
May 9
May 20
May 31
Assets
=
=
=
=
Liabilities

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