5-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 Instructions (a)Show the effects of the previous transactions on the accounting equation using the following format.(10 marks) Assets Liabilities Owner's Equity Date Cash +Account +Suppliers+Equipment Accounts +Owners-Owner's +Revenue-Expense Receivable Payable Capital Drawing Marking scheme: (5 marks) Proper Accounting equation (1 mark each) 5 marks)Recording transaction (b)Prepare an income statement for the month of May.(5 marks) (c)Prepare a balance sheet at May 31, 2012.( 5 marks) Marking scheme for preparing Income statement & Balance Sheet 0 Unsatisfactory-Shows little to no understanding of the principles in journalizing transactions 1-2 Partially Proficient-Shows basic understanding of the principles in journalizing transactions. 3-4 Proficient-Shows good understanding of the principles in journalizing transactions. 5 Advanced-Shows well developed understanding of the principles in journalizing transactions