1. Mr. Faroq opened a service station on May 1, a summary of May transactions is presented below. 1. Started business by investing $20,000 cash. 2. Purchased supplied of $1,000 by cash. 3. Purchased equipment of $5000 by cash. 5. Incurred 300 of advertising costs in the Fox News on account. 6. Received $2500 in cash from customers for services provided. 7. Mr. Farooq withdrew $1,500 cash for personal use. 8. Paid part-time employee salaries $3,000. 9. Paid utility bills $240. 10. Paid $1000 cash for May office rent. 10. Provided repair service on account to customers $1750. 11. Cash $1000 collected from customer for services billed in transaction (10). 12. Paid cash to Fox News 300 for account payable due in transaction (5) Instructions: Prepare a tabular analysis of the transactions, using the Accounting Equation Assets Liabilities & Equities Sr. No Cash Supplies Equipment Account Account Capital Receivable Payable