Question 7: Trixie Maye started her own consulting fi m, Matrix Consulting, on May 1, 2022. The following transactions occurred during the month of May. May 1- Trixie invested $7,000 cash in the business. May 2- Paid $900 for office rent for the month. May 3- Purchased $600 of supplies on account. May 5- Paid \$125 to advertise in the County News. May 6- Received $4,000 cash for services performed. May 9- Withdrew $1,000 cash for personal use. May 15- Performed $5,400 of services on account. May 17- Paid $2,500 for employee salaries. May 20- Paid for the supplies purchased on account on May 3. May 23- Received a cash payment of $4,000 for services performed on account on May 15. May 26- Borrowed $5,000 from the bank on a note payable. May 29- Purchased equipment for $4,200 on account. May 30- Paid $275 for utilities. Instructions (a) Perform a transaction analysis by showing the effects of the above transactions on the accounting equation using the following format: (I have done the first transaction analysis as an example. A question to ask yourself is- Which account name does this transaction increase or decrease or how does it affect assets, liabilities, or owner's equity? Check class notes to see examples of this.) b) Verify that the accounting equation holds. What is the total liabilities? What is the total of owner's equity? (An information to help you: Total assets is $20,800 ) c) Prepare an income statement for the month of May. (An information to help you: Net income is $5,600 ) d) Prepare a balance sheet at May 31, 2022. (An information to help you: The closing balance of cash at the end of the month is $14,600 )