1 1-May-20 21-May-20 4 2-May-20 5-May-20 Jacob invested $40,000 cash and equipment worth $10,000 in the company Hired one employee to work in the office for a salary $2,475 per month Paid $3,300 cash for a one-year insurance policy Signed a two-year rental agreement on an office and paid $4,800 cash. Half was for the May rent and half was for the final month's rent 5 8-May-20 Purchased additional equipment costing $17,000. A cash payment of $7,000 was made immediately. Signed a note payable for the balance Purchased supplies for $500 cash. Purchased more supplies for $750 on account Completed a contract for a client for $3,000 on account 9-May-20 7 15-May-20 8 17-May-20 9 28-May-20 Paid $250 for May's telephone bill 10 28-May-20 11 29-May-20 12 29-May-20 13 31-May-20 14 31-May-20 Completed services for a client and immediately collected $1,100 Paid Jocob $1,600 cash for his personal use Collected $2,500 from the client billed on May 17 Received a cash advance of $500 for service to be completed in June. Paid the employee's monthly salary $2,475. Please use the four steps demonstration example as a reference to generate the financial statements(Income Statement and Balance Sheet)