1- McGuire Company is a sole proprietorship. The financial transactions of McGuire Company for the month of May, their first month of operations, are as follows: On May 1, 2019, Deborah McGuire, the owner, contributed $20,000 cash in exchange for capital. On May 3, the company borrowed $5,000 from a creditor and executed a note payable with the principal and interest to be due in one year. On May 7, the company purchased $15,000 of equipment for cash. On May 8, McGuire Company rendered service to a client and received $3,000 in cash. On May 12, the company incurred a repair expense of $1,800 and promised to pay the repair contractor the following month. On May 18, the company rendered service to a new client in the amount of $8,000 on account, as the client promised to pay the following month. At the end of May, Deborah McGuire withdrew S1,500 cash for personal use. Required: 1. Prepare a transaction analysis of the transactions. Determine the effects of the transactions on the accounting equation. 2. Prepare an income statement and a statement of owner's equity for the month ending May 31, McGuire Company 3. Prepare a balance sheet at May 31, 2019. 2019 for 2- List the four financial statements and briefly explain how each is prepared Financial statement How it is prepared 1. 4