15 Question #1 Payton Manning had the following transactions during the month of May 2019 May 2 Investment of cash by the owner $20,000 5 Received 55,000 advance on a management consulting engagement. Bought equipment on account, $5,000 Purchase of supplies on account $500 Performed $6,000 of services on account 14 Payment of rent expense S600 Performed $3,000 of services for cash 16 Paid salaries to employees for the current period, $2,500 Paid $3,000 for equipment purchased on May 6 Payment of advertising expense $400 26 Collection on account $700 31 Payment of utility expense $400 equired: a) Journalize the transactions, b) Post to the ledger accounts c) Prepare a trial balance as at May 31, 2019 d) Prepare an Income Statement for the month ended May 31, 2019. e) Prepare a Balance Sheet as at May 31, 2019. 22 25 should open accounts for Capital, Cash, Unearned Service revenues, Equipment, Accounts ible, Supplies, Service revenues, Accounts receivable, Rent expense, Salaries expense, Adverti inse, Utilities expense