Analyze transactions and prepare financial statements. (LO 3, 4, 5) P1-4A Trixie Maye started her own consulting firm, Matrix Consulting, on May 1, 2017. The following transactions occurred during the month of May. May 1 Trixie invested $7,000 cash in the business, Paid $900 for office rent for the month. 3 Purchased $600 of supplies on account. Paid $125 to advertise in the County News. Received $4,000 cash for services performed. Withdrew $1,000 cash for personal use. Performed $5,400 of services on account. Paid $2,500 for employee salaries. 20 Paid for the supplies purchased on account on May 3. Received a cash payment of $4,000 for services performed on account on May 15. Borrowed $5,000 from the bank on a note payable. 29 Purchased equipment for $4,200 on account. Paid $275 for utilities. NgSagonw Instructions (a) Show the effects of the previous transactions on the accounting equation using the following format. a) Total assets $20.800 Assets Llabilities Owner's Equity Accounts Notes Accounts Owner's Owner's Date Cash + Receivable + Supplies + Equipment = Payable + Payable + Capital - Drawings + Revenues - Expenses (b) Prepare an income statement for the month of May. (c) Prepare a balance sheet at May 31, 2017. (b) Net income $5,600 (d) Cash $14,600