P1.4A (LO 4, 5) Financial tatement Maisie Taft started her own consulting firm, Maisie Consult- Analyze transactions and prepane ing, on May 1, 2020. The following transactions occurred during the month of May ay 1 Maisie invested $7,000 cash in the business. financial statements. 2 Paid $900 for office rent for the month. 3 5 9 12 15 17 20 23 26 29 30 Purchased $800 of supplies on account. Paid $125 to advertise in the County News. Received $4,000 cash for services performed. Withdrew $1,000 cash for personal use. Performed $6,400 of services on account. Paid $2,500 for employee salaries. Made a partial payment of $600 for the supplies purchased on account on May 3. Received a cash payment of $4,000 for services performed on account on May 15. Borrowed $5,000 from the bank on a note payable. Purchased equipment for $4,200 on account. Paid $275 for utilities. Instructions a. Show the effects of the previous transactions on the accounting equation using the following format. a. Total assets $22,000 Assets Liabilities Owner's Equity Accounts Notes Accounts Owner's Owner's Dae CsReceivable + Supplies+ Equipment PayablePayable+ Capital - Drawings+ Revenues Expenses b. Prepare an income statement for the month of May. c. Prepare a balance sheet at May 31, 2020. b. Net income $6,600 c. Cash $14,600 Writing Financial Statement Financial statement information about four differ- Determine financial statement P1.5A (LO 4,5)