1.Prepare an income statement for the month of May.

2.Prepare a balance sheet at May 31, 2020. (List Assets in order of liquidity.)

Problem 1-04A a-c (Video) Susan Wilson started her own consulting firm, Sunland Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1 2 3 5 9 12 15 Trixie invested $7,300 cash in the business. Paid $900 for office rent for the month. Purchased $500 of supplies on account. Paid $100 to advertise in the County News. Received $4,400 cash for services performed. Withdrew $1,100 cash for personal use. Performed $5,900 of services on account. Paid $2,800 for employee salaries. Made a partial payment of $300 for the supplies purchased on account on May 3. Received a cash payment of $4,100 for services performed on account on May 15. Borrowed $4,600 from the bank on a note payable. Purchased equipment for $4,300 on account. Paid $350 for utilities. 17 20 23 26 29 30 Show the effects of the previous transactions on the accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Owners Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.) MATRIX CONSULTING Assets Liabilities Owner's Equity Accounts Notes Accounts Owner's Owner's Date Cash Receivable Supplies Equipment = Payable Payable Capital Drawings Revenues Expenses + + + + + + 1 $ $ $ $ $ $ $ 2 3 5