Juet Aoling Aong ine. was oreanized on Mary I by two college students who secognized an opporturity to make money while epending their days at a beach along Lake Mehigan. The feo eriteprecemurs plan ts rent biogcles and in-line skates to weehend visitors to the lakefreet. The folowing tarsactions occurred during the first manth of operations 24 Billid the local park district $1,100 for in-line skating lessons provided to neighborhood children. The park district is to pay one-half of the bill within flve working days and the rest within 30 days. 29 Received 50% of the amount biled to the park district. 30. Customers rented in-line skates and bicycles for cash of $2,950. 30. Paid wages of $140 to a friend who heiped orer the weekend. 31 Paid the balance due on the bicycles. Required: 1. Prepare a tabie to summarize the preceding transactions as they attect ithe mocociting equation. Identiy each transaction with a date. 2. Prepare an income atatement for the manth of May. 3. Prepare a ciassified balance sheet at May 3t: 4. Wiy do you think the two coliege students decided to incopporate their business rather than openate it as a partnership