1 1-May-20 Jacob invested $40,000 cash and equipment worth $10,000 in the company

2 1-May-20 Hired one employee to work in the office for a salary $2,475 per month

3 2-May-20 Paid $3,300 cash for a one -year insurance policy

4 5-May-20 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

6 9-May-20 Purchased supplies for $500 cash.

7 15-May-20 Purchased more supplies for $750 on account

8 17-May-20 Completed a contract for a client for $3,000 on account

9 28-May-20 Paid $250 for May's telephone bill

10 28-May-20 Completed services for a client and immediately collected $1,100

11 29-May-20 Paid Jocob $1,600 cash for his personal use

12 29-May-20 Collected $2,500 from the client billed on May17

13 31-May-20 Received a cash advance of $500 for service to be completed in June.

14 31-May-20 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)

(Please note: Only one group member on behalf of the whole group will submit the assignment with four group members' student ID and name on the top of the 1st page).