In May 20XX, J. Dayo opened an art studio, Life on Canvas. Enter the following transactions that occurred during May. May 2 Jay invested $15,000 cash and $2,500 of art equipment into her business. 4 Purchased more art equipment for $4,300, as well as $950 of art supplies, on account. 5 Received advertising bill, $560. 9 Taught a water colour workshop for a staff party. Received $750 right away and provided a bill for the remaining $3,000. 12 Purchased art supplies for $1,200 cash. 18 Jay paid her home utility bills, $300. 20 The company from the transaction on the 9th paid $1,000 towards what they owe for the workshop. 22 Paid utility bills totaling $600. 25 Received $2,000 from various customers for the birthday parties held at the studio throughout the month. 26 Paid $1,350 towards what was owed for the transaction on the 4th. Required: 1. Analyze and record the transactions into T-accounts. 2. Foot and balance the T-accounts that require a balance. 3. Prepare the trial balance for the end of May. 4. Prepare the Income Statement, the Statement of Owner's Equity, and the Balance Sheet for the end of May. Balance Sheet ASSETS LIABILITIES AND OWNER'S EQUITY Trial Balance Income Statement \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Statement of Owner's Equity \begin{tabular}{|l|l|l|} \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}