Best Graphics Began Business on May 1

Essay

Best Graphics began business on May 1. Prepare a horizontal worksheet with the following column headings: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; and Salaries Expense. Show how the May transactions affect the accounting equation. Total all columns to show that assets equal liabilities plus stockholders' equity.