On May 1, A. J. Pierzynski started AJ Flying School, a company that provides flying lessons, by investing $40,000 cash in the business. Following are the assets and liabilities of the company on May 31, 2018, and the revenues and expenses for the month of May.

Cash	$3,400	Rent expense	$1,200
A/C Receivable	4,900	Maintenance expense	400
Equipment	64,000	Gasoline Expense	2,500
Service Revenue	8,100	Insurance Expense	400
Advertising Expense	600	Accounts Payable	800
Notes Payable	30,000	Drawings	1,500

A. J. Pierzynski made no additional investment in May, but he withdrew $1,500 in cash for personal use. Assuming the following data are not included above: (1) $900 of revenue was earned and billed but not collected at May 31, and (2) $1,500 of gasoline expense was incurred but not paid.

Requirements:

1. Prepare an Income Statement for the month of May 31, 2018.
2. Prepare an Owners Equity Statement for the month of May 31, 2018.
3. Prepare a balance sheet for May 31, 2018.