Given Below Are the Daily Balances in the Accounts of the Alta

Essay

Given below are the daily balances in the accounts of the Alta Loma Company.Assuming only one transaction occurred each day, explain the nature of each transaction on May 1 to May 10. $\begin{array}{lrrrrrr}&& \text { Accts. } & && \text { Accts. } & \text { Owners' } \\&\text { Cash } & \text { Rec. } & \text { Inv. }&\text { Equip.} & \text { Payable } & \text { Equity }\\\hline\text { Beg. Bal. } & \$ 1,250 & \$ 500 & \$ 1,125 & \$ 3,000 & \$ 1,750 & \$ 5,250 \\\text { May 1 } & 1,250 & 500 & 1,325 & 3,000 & 1,950 & 5,250 \\\text { May 2 } & 1,400 & 350 & 1,325 & 3,000 & 1,950 & 5,250 \\\text { May 3 } & 1,225 & 350 & 1,325 & 3,000 & 1,775 & 5,250\\\text { May 4 } & 1,600 & 350 & 1,325 & 3,000 & 1,775 & 5,625 \\\text { May 5 } & 1,375 & 350 & 1,325 & 3,575 & 2,125 & 5,625 \\\text { May 6 } & 1,375 & 350 & 1,200 & 3,575 & 2,000 & 5,625 \\\text { May 7 } & 1,450 & 700 & 1,200 & 3,150 & 2,000 & 5,625\\\text { May 8 } & 1,200 & 700 & 1,200 & 3,150 & 2,000 & 5,375 \\\text { May 9 } & 1,175 & 700 & 1,225 & 3,150 & 2,000 & 5,375 \\\text { May 10 } & 1,175 & 700 & 1,225 & 3,425 & 2,000 & 5,650\end{array}$