4B financial statements. (SO 6, 7, 8), AP Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2012. The following transactions occurred during the month of May. May 1 Carla invested $7,000 cash in the business. 2 Paid $900 for office rent for the month. 3 Purchased $600 of supplies on account 5 Paid $125 to advertise in the County News. 9 Received $4,000 cash for services provided. 12 Withdrew $1,000 cash for personal use. 15 Performed $5,400 of services on account. 17 Paid $2,500 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $4,000 for services provided on account on May 15. 26 Borrowed $5,000 from the bank on a note payable. 29 Purchased office equipment for $4,200 on account. 30 Paid $275 for utilities. Instructions (Show the effects of the previous transactions on the accounting equation using the following format. Assets Liabilities Owner's Equity D C + Ace + Su + Equi N o + Ace + O - Ow + Rev atas ount ppl pmetes oun wn ner enu e h iesnt Pa ts e r's Rec ya Pay Ca Dra eiva ble abl ble gs (b) Prepare an income statement for the month of May. (e) Prepare a balance sheet at May 31, 2012. - Exp ens S win