ransaction Analysis and Financial Statements lust Rolling Aleng Inc. was organized on May 1 by two college students who recognized an opportunity to make money while spending their days at a beach along Lake Michigan. The two entrepreneurs plan to rent bicycies and in-line skates to weekend visitors to the lakefront. The following transactions occurred during the first month of operations: May 1: Received contribution of $13,500 from each of the two principal owners of the new business in exchange for shares of stock. May 1: Purchased ten bicycles for $265 each on an open account. The company has 30 doys to pay for the bicycles. May 5: Registered as a vendor with the dity and paid the $30 monthly fee. May 9: Purchased 30 pairs of in-line skates at $115 per pair, 30 heimets at $50 each, and 30 sets of protective gear (kree and elbow pads and wrist guards) at \$45 per set for cash. May 10: Purchased $95in miscellaneous supplies on account. The company has 30 days to pay for the supplies. May 15: Paid $120 bil from local radio station for advertising for the last two weeks of May. May 17: Customers rented in-line skates and bicycles for cash of $2,050. May 24: Blled the local park district \$1,400 for in-line skating lessons provided to neghborhood children. The park dstrict is to pay one-half of the bill within five working days and the rest within 30 doys. May 29: Received 50% of the amount billed to the park district. May 30: Customers rented in-line skates and bcycles for cash of $2,650. May 30: Paid wages of $190 to a friend who heiped over the weekend. May 31: Paid the balance due on the bicycles. 1. Complete the table below to summarize the preceding transactions as they affect the accounting equation. Enter transactions in the same order as presented above. If an account is unaffected by a transaction, enter " 0, Use the minus sign to indicate decreoses. 2. Prepare an income statement for the month of May. 2. Prepare an income statement for the month of May. 3. Prepare a classified balance sheet at May 31 . Balance Sheet May 31 Assets Current assets: Total current assets Property, plant, and equipment: Total assets Liabilities and Stockholders' Equity Current liabilities: Total stockholders' equity Total liabilities and stockholders' equity