Q. 2. XYZ Repair Shop was started on May 1 by Mr. X. A summary of May transactions is presented below. 1. Invested $10,000 cash to start the repair shop. 2. Purchased equipment for $5,000 cash. 3. Paid $400 cash for May office rent. 4. Paid $500 cash for supplies. 5. Incurred $250 of advertising costs in the Beacon News on account. 6. Received $5,100 in cash from customers for repair service. 7. Withdrew $1,000 cash for personal use. 8. Paid part-time employee salaries $2,000. 9. Paid utility bills $140. I 10. Provided repair service on account to customers $750. 11. Collected cash of $120 for services billed in transaction (10). Required: Prepare a tabular analysis of the transactions, using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, X, Capital; X, Drawings; Revenues, and Expenses. Marks: 8 Q. 3. Required: From the above analysis, prepare the necessary journal entries for May. Marks: 4 Q. 4. Required: From the above analysis, compute the net income or net loss for May. Marks: 4 Good luck!