Bruce Jenner started his own consulting firm, Jenner Consulting, on May 1, 2014. The followingtransactions occurred during the month of May.

May 1 Jenner invested $8,000 cash in the business.

2 Paid $800 for office rent for the month.

3 Purchased $500 of supplies on account.

5 Paid $50 to advertise in the County News.

9 Received $3,000 cash for services provided.

12 Withdrew $700 cash for personal use.

15 Performed $4,300 of services on account.

17 Paid $3,000 for employee salaries.

20 Paid for the supplies purchased on account on May 3.

23 Received a cash payment of $3,000 for services provided on account on May 15.

26 Borrowed $5,000 from the bank on a note payable.

29 Purchased office equipment for $2,800 on account.

30 Paid $150 for utilities.

Instructions

(b)do an income statement for the month of May.

(c)do a balance sheet at May 31, 2014.