I need help with this question to transfer these to Journal entries and T-tables. If you could provide explanation that would be helpful too.

I have already done Step 1.

stock. Chapter 3 Problems: Set B P3-1B Hyman Inc. was started on May 1. Here is a summary of the May Analyze transactions transactions. and compute net income. 1. Stockholders invested $30,000 cash in the company in exchange for common (LO 1), AP 2. Purchased equipment for $10,000 cash. 3. Paid $700 cash for May office rent. 4. Paid $300 cash for supplies. 5. Purchased $750 of advertising in the Evening Times on account. 6. Received $8,000 in cash from customers for service. 7. Paid a $500 cash dividend. 8. Paid part-time employee salaries $1,000. 9. Paid utility bills $140. 10. Performed service on account to customers $2,000. 11. Collected cash of $1,000 for services billed in transaction (10). Instructions (a) Prepare a tabular analysis of the transactions using these column headings: (a) Cash $26,360 Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Common Total assets Stock, and Retained Earnings (with separate columns for Revenues, Expenses, $37,660 and Dividends). Revenue is called Service Revenue. Include margin explanations for any changes in Retained Earnings. (b) From an analysis of the Retained Earnings columns, compute the net income or net loss for May. Step 2: Transfer to Journal Entries Date Account Titles Debit Credit Step 3: Transfer to T-Accounts + Liabilities Accounts Payable Stockholders' Equity Common Stock + Service Revenue - 30,000 Utilities expense Dividends Rent Expense Advertising expense - Wages Expense Revenue -700 STEP 1: ACCOUNTING EQUATION IMPACT Assets Accounts Cash Receivable Supplies Equipment 1 30,000 2 - 10,000 10,000 3 -700 4 -300 300 95 6 8000 7 -500 8 -1000 9 -140 10 2000 11 1000 -1000 750 -750 8000 -500 -1000 -140 2000