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Sandra Robinson started her own consulting firm, Sandra Consulting, on May 1, 2022. The following transactions occurred during the month of May. May 1 2 3 5 9 12 Sandra invested $6,700 cash in the business. Paid $800 for office rent for the month. Purchased $700 of supplies on account Paid $150 to advertise in the County News. Received $4,000 cash for services performed. Withdrew $1,100 cash for personal use. Performed $5,500 of services on account. Paid $2.500 for employee salaries. Made a partial payment of $500 for the supplies purchased on account on May 3. Received a cash payment of $4,300 for services performed on account on May 15. Borrowed $4.900 from the bank on a note payable. Purchased equipment for $4,100 on account 15 17 20 23 26 29 30 Pald $350 for utilities, 1 $ A 6.700 2 -800 700 3 5 - 150 9 4,000 12 - 1.100 5,500 15 17 -2,500 20 -500 23 4.300 -4,300 26 4,900 29 30 -350 $ 1,200 700 $ 14,500 700 -500 4,900 4,100 4,100 4,900 4.300 4,100 6.700 i 4000 - 1,100 5,500 1 i i 9.500 $ 6,700 $ - 1.100 6,700 -800 - 150 i 4,000 ! -1.100 i 5.500 i -2.500 -350 9.500 $ 3.800 6,700 OOLT Prepare an income statement for the month of May. SANDRA CONSULTING Income Statement For the Month Ended May 31, 2022 Revenues Service Revenue 9,500 Expenses Salaries and Wages Expense 2.500 800 Rent Expense 350 Utilities Expense 150 i Advertising Expense 3,800 Total Expenses 5.700 Net Income /(LOS) Prepare a balance sheet at May 31, 2022. (List Assets in order of liquidity.) SANDRA CONSULTING Balance Sheet For the Year Ended May 31, 2022 Assets Cash $ Supplies Equipment Accounts Receivable Total Assets $ Liabilities and Owner's Equity Liabilities Accounts Payable Owner's Equity $ Supplies Equipment Accounts Receivable Total Assets $ Liabilities and Owner's Equity Liabilities Accounts Payable $ Owner's Equity Total Liabilities and Owners Equity