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

Essay

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