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

May 1 Maisie invested $7,000 cash in the business. 2 Paid $900 for office rent for the month. 3 Purchased $800 of supplies on account. 5 Paid $125 to advertise in the County News. 9 Received $4,000 cash for services performed. 12 Withdrew $1,000 cash for personal use. 15 Performed $6,400 of services on account. 17 Paid $2,500 for employee salaries. 20 Made a partial payment of $600 for the supplies purchased on account on May 3. 23 Received a cash payment of $4,000 for services performed on account on May 15. 26 Borrowed $5,000 from the bank on a note payable. 29 Purchased equipment for $4,200 on account. 30 Paid $275 for utilities. Instructions

Show the effects of the previous transactions on the accounting equation using the following format. Assets Liabilities Owner's Equity Date Cash + Accounts Receivable + Supplies + Equipment = Notes Payable + Accounts Payable + Owner's Capital - Owner's Drawings + Revenues - Expenses a. Total assets $22,000

Prepare an income statement for the month of May. b. Net income $6,600

Prepare a balance sheet at May 31, 2022. c. Cash $14,600

Determine financial statement amounts and prepare owner's equity statement.