On May 1, Jeff Wilkins started Skyline Flying School, a company that provides flying lessons by investing $45,000 cash in the business. Following are the assets and liabilities of the company on May 31, 2012 and the revenues and expenses for the month of May.
Cash $5,600 Notes Payable $30,000
Accounts Receivable 7,200 Rent Expense 1,200
Equipment 64,000 Repair Expense 400
Lesson Revenue 7,500 Fuel Expense 2,500
Advertising Expense 500 Insurance Expense 400
Accounts Payable 800
Jeff Wilkins made no additional investment in May, but he withdrew $1,500 in cash for personal use.