Kimberly Young started her own consulting firm, Kimberly Consulting, on May 1, 2022. The following transactions occurred during the month of May.

May 1 Kimberly invested $6,600 cash in the business.

2 Paid $850 for office rent for the month.

3 Purchased $600 of supplies on account.

5 Paid $120 to advertise in the County News.

9 Received $3,800 cash for services performed.

12 Withdrew $1,200 cash for personal use.

15 Performed $5,000 of services on account.

17 Paid $2,100 for employee salaries.

20 Made a partial payment of $400 for the supplies purchased on account on May 3.

23 Received a cash payment of $4,100 for services performed on account on May 15.

26 Borrowed $5,500 from the bank on a note payable.

29 Purchased equipment for $4,000 on account.

30 Paid $300 for utilities.

a) Show the effects of the previous transactions on the accounting equation

b) Prepare an income statement for the month of May.

c) Prepare a balance sheet at May 31, 2022