P1.4 (LO 4, 5) Maisie Taft started her own consulting firm, Maisie Consulting, on May 1, 2020. 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. Withdrew 1,000 cash for personal use. 12 15 Performed 6,400 of services on account. 17 20 Paid 2,500 for employee salaries. 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 mo Analyor transactions and prepare financial statements a. Show the effects of the previous transactions on the accounting equation using the following format. a. Total assets 22,000 Assets Accounts Liabilities Owner's Equity Notes Accounts Owner's Owner's Date Cash + Receivable + Supplies + Equipment Payable + Payable + Capital Drawings + Revenues - Expenses b. Prepare an income statement for the month of May. c. Prepare a statement of financial position at May 31, 2020, b b. Net income 6,600 c. Cash 14,600