Credit Opening Trial Balance as of May 1, 2019 (USD) Debtor (ABC Inc.) Debit Credit Creditor (XYZ Inc.) Cash 1.000 Cash Banks 5.000 Banks Accounts Receivable 15.000 Accounts Receivable Merchandise Inventory 2.500 Merchandise Inventory Accounts Payable 3.500 Accounts Payable Shareholder's Equity 20.000 Shareholder's Equity Debit 2.500 4.300 3.500 40.000 8.000 42.300 i.) May 2. ABC Inc. purchased merchandise on account from XYZ Inc., $25.000, 2/5.n/10. The merchandise cost XYZ Inc. $15.000. May 17, ABC Inc. issued a 90 day 20% note for $20.000 to XYZ Inc. on account. Remaining amount paid by wire transfer through banks. Aug 15, ABC Inc. paid XYZ Inc. the amount due on the note of May 17, 2019. 111.) Required: Journalize below transactions for both sides (debtor & creditor) and prepare an Income Statement & Balance Sheet for both entities as of May 31, 2019