1B-On May 1, A. J. Pierzynski started Aj Flying School, a company that provides flying lessons, by investing $40.000 cash in the business. Following are the assets and liabilities of the company on May 31, 2012, and the revenues and expenses for the month of May. Cash Accounts Receivable Equipment Service Revenue Advertising Expense $ 3.400 4,900 64.000 8.100 600 Notes Payable Rent Expense Maintenance and Repairs Expense Gasoline Expense Insurance Expense Accounts Payable $30,000 1.200 400 2.500 400 800 A. J. Pierzynski made no additional investment in May, but he withdrew $1,500 in cash for personal use Instructions Prepare an income statement and owner's equity statement for the month of May 31. (1.5 +1.5 = 3 marks)