May 1, 2014. The following transactions occurred during the month of May. May123591215172023262930Stockholdersinvested$15,000cashinthebusinessinexchangeforcommonstock.Paid$600forofficerentforthemonth.Purchased$500ofsuppliesonaccount.Paid$150toadvertiseintheCountyNews.Received$1,400cashforservicesperformed.Paid$200cashdividend.Performed$4,200ofservicesonaccount.Paid$2,500foremployeesalaries.PaidforthesuppliespurchasedonaccountonMay3.Receivedacashpaymentof$1,200forservicesperformedonaccountonMay15.Borrowed$5,000fromthebankonanotepayable.Purchasedofficeequipmentfor$2,000paying$200incashandthebalanceonaccount.Paid$180forutilities. Instructions (a) Show the effects of the previous transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. (b) Net income $2,170 Include margin explanations for any changes in Retained Earnings. (b) Prepare an income statement for the month of May 2014. (c) Prepare a classified balance sheet at May 31, 2014