The following financial statements were prepared at the end of the month of May: TOPS IN TOPIARY - INCOME STATEMENT FOR the month of May Revenue Expenses: Rent Expense dvemslng Expense ages Expense Net Income 50 20 S2,54 Sl.200 Sl,340 TOPS IN TOPIARY - STATEMENT OF OWNER'S EQUITY FOR the month of MAY ers Equl at Ma 1 $0 plus: Investment plus: Net Income less: Wlthdrawals 2.000 1,340 wner's Equlty at May 3 $3,3 TOPS IN TOPIARY - BALANCE SHEET AS OF MAY 31 IA81LITES AND OWNER'S EQUI SSETS urrent Assets ccounts Recelvabl Prepald Rent Prepald Advertlslng upplles Equlpment otal Assets Current Llabllltles: $1,380 $1,500 $ 500 $ 500 $ 100 $ 360 $4,340 ccounts Payable dvemslng Payable dvances from Customers wner's Equl otal Llabllltles & OE $300 $500 $200 $3.98 $3,340 $4,340 During June the following transactions occurred: 1) Paid the helper the $1,000 owed from works done in May (the amount owed is in Accounts Payable). 2) Completed the job for which the customer paid $200 in May. Tops in Topiary collected S2000 in cash once finished. 3) Paid $500 for the rent of July. 4) At the end of June notices that there are no supplies left. Makes a note to buy some in July.