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.

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The Answer of 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.

Best Graphics Began Business on May 1