P1.4 (LO4,5), AP Financial Statement Maisie Taft started her own consulting firm, Maisie Consult Analyse transactions and prepare ing, on May 1, 2022. The following transactions occurred during the month of May, financial statements 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 84,000 cash for services performed. 12 Withdrew $1,000 cash for personal use. 15 Performed $6,400 of services on account. 17 Paid S2,500 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 S275 for utilities Instructions Show the effects of the previous transactions on the accounting equation using the following formata. Total assets $22,000 Assets Liabilities Accounts Notes Accounts Owner's Date Cash + Receivable + Supplies + Equipment = Payable + Payable + Capital Owner's Equity Owner's Drawings + Revenues Expenses b. Prepare an income statement for the month of May. c. Prepare a balance sheet at May 31, 2022. b. Net Income $6,600 C. Cash $14,600