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, 2019
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, 2019
2019
Apr. 23 Howard invested $17,000 in the surveying business.
26 Bought equipment for $5,000, paying $250 in cash and leaving the balance on account.
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, $4,950, of which $2,000 was collected in cash and the balance was on account.
13 Received from City Community College $2,500 cash as partial payment of the May 10 transaction.
14 Paid telephone bill, $104.
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., $2,415.
27 Paid rent expense for the month, $825.
28 Paid supplies expense, $246.
31 Advertising bill received but not yet paid, $410.