( the following information applies to the questions displayed below.)
George owns an insurance office, while Sara operates a maintenance service that provides basic custodial duties. For the month of May the following transactions occurred.
May 2 Sara decides that she will need insurance for a one-day special event at the end of the month and pays George $270 in advance.
May 5 Sara provides maintenance services to George's Insurance offices on account, $410.
May 7 George
orrows$470 from Sarah by signing a note.
May 14 Sarah purchases maintenance supplies from spot corporation, paying cash of $185.
May 19th George pays $410 to Sara for maintenance services provided on May 5.
May 25 George pays the utility bill for the month of may, $132.
May 28 Sarah receives insurance services from George equaling the amount paid on May 2.
May 31 George pays $470 to Sarah for money borrowed on May 7.
Using the format shown below, enter the impact if each transaction on the accounting equation for each company.
