8 [50 points] ABC Inc. began operations on May 1, 2014. The transactions for the first month follow a. ABC Inc. issued shares to shareholders for $20,000 b. Furniture was rented by a customer for $800 cash. c. ABC Inc. performed consulting services for a customer and received $7,000 d. The $750 bill for the advertising campaign that ran last week was received today. It will be paid within 30 days e. ABC Inc. received a bill today for this month's water utilities; $250. It will be paid within 30 days f. ABC Inc. bought $4,750 of equipment, using $1,000 cash and $3,750 on account g ABC Inc. paid $100 for this month's electrical utilities bill received today h. ABC Inc. will pay the $1,750 advertising bill received today within 30 days. 1. ABC Inc. used credit to purchase $2,750 of equipment j. ABC Inc. paid dividends of $1,900 to the shareholders Fill out the following table, according to the transactions above. Select the headings for each column by clicking on the appropriate cell. Use additions and subtractions to show the transactions' effects on the elements of the equation Show new totals after each transaction. Also indicate next to each change in the equity (in the explanation column) whether it was caused by issuance of share capital (investment), a revenue, an expense or payment of dividends. Identity revenues and expenses by name In addition to this, prepare an income statement, a statement of changes in equity and a balance sheet for the month ended May 31 a) Complete the following accounting equation table: Assols Liabilities Equity +Share Capital Retained Earnings Explanatio (a) (b) Bal (c) Bal (d) Bal (0) Bal (3) Bal (b) Bal. (c) Bal. (d) Bal. (e) Bal. (f) Bal. (g) Bal. (h) Bal. (i) Bal. (j) Bal. b) Complete the following income statement: (select one) Income Statement (select one) XXXXX c) Complete the following statement of changes in equity: (select one) Statement of Changes in Equity (select one) Share Retained Total Capital Earnings Equity XXX 4+4 (d) Complete the following Balance Sheet: (select one) Balance Sheet (select one)