following transactions occurred during the month of May: May 1 Bell invested $10,000 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 $1,000 cash for services provided. 12 Withdrew $700 cash for personal use. 15 Performed $3,000 of services on account. 17. Paid $2,500 for employee salaries. 23 Raid for the supplies purchased on account on May 3. 26 Borrowed $5,000 from the bank on a note payable. 29 Purchased office equipment for $2,400 on account. 30 Paid $150 for utilities. Instructions (a) Show the effects of the previous transactions on the accounting equation using the following format: (10) Prepare an income statement for the in the J. Bell, Capital account in your analysis. (c) Prepare a balance sheet at May 31, 1999 . Pi-5A Financial statemet at May 31, 1999