Howard McGraw of Windsor opened First City Surveying Service. As his accountant, analyze the transactions listed and present to Howard the following information, in proper form:

1. The analysis of the transactions using the expanded accounting equation

2. A balance sheet showing the financial position of the firm before opening on May 1, 2013

3. An income statement for the month of May

4. A statement of owner’s equity for May 

5. A balance sheet as of May 31, 2013

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2013 April 23 Howard invested $17,000 in the surveying business. 26 Bought equipment on account from Chapman & Co., $4,750. 29 Bought equipment for cash from Majestic Co., $2,895. 30 Paid $2,375 to Chapman & Co. as partial payment of the April 26 transaction. May 2 Surveyed a new business location and immediately collected cash, $2,350. 3 Paid salaries of employees, $975. 10 Provided surveying services to City Community College on account, $4,950 13 Received from City Community College $2,500 cash as partial payment of the May 10 transaction 14 Paid telephone bill, $104 May 17 Howard paid his home mortgage from the company's bank account, $1,043. 21 Provided surveying services and received cash, $1,825 24 Bought additional equipment on account from Jensen Bros., 27 28 31 $2,415 Paid rent expense for the month, $825 Paid supplies expense, $246 Advertising bill received but not yet paid, $410.