(Answer all the Questions) 1. When today's university students are asked about their long-term career choice, a surprisingly large number respond that they wish to someday own and manage their own business. In fact, the aspiration to start a business, to be an entrepreneur, is nearly universal. It is widely acknowledged that a degree in accounting offers many advantages to be an entrepreneur. In fact, if you ask owners of small businesses which skill they wish they had more expertise in, they will very frequently reply "accounting". No matter what the business may be, the owner and/or manager must be able to understand the accounting and financial consequences of business decisions. Required: Do you agree with this view? Why or why not? Marks: 5 2. Trixie Maye started her own consulting firm, Matrix Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1 Trixie 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 performed. 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 performed on account on May 15. 26 Borrowed $5,000 from the bank on a note payable. 29 Purchased equipment for $4,200 on account. 30 Paid $275 for utilities. Required: Show the effects of the transactions on the accounting equation using the following format. Assets = Liabilities Owner's Equity Date Cash + Accounts + Supplies + Equipment = Notes Payable + Accounts +Capital + Revenues - Expenses- Drawings Receivable Payable Marks: 10 3. Required: Prepare an Income Statement from the above tabular analysis and interpret your answer. Marks: 5 Good luck