Set up T accounts for Cash; Accounts Receivable; Supplies; Accounts Payable; Brenda Wells, Capital; Brenda Wells, Drawing; Professional Fees; and Operating Expenses.

(a)	In the T accounts, record the following transactions of Wells Consultant Services for May, 2007, identifying each entry by number:
	(1)	Wells invested $12,000 cash in the business.
	(2)	Purchased supplies on account, $5,750.
	(3)	Paid operating expenses, $5,000.
	(4)	Billed clients for fees, $6,940.
	(5)	Received cash from cash clients, $4,200.
	(6)	Paid creditors on account, $1,000.
	(7)	Received $2,600 from clients on account.
	(8)	Withdrew $1,000 cash for personal use.
(b)	Prepare a trial balance as of May 31, 2007 for Wells Consultant Services.
(c)	Assuming that supplies expense (which has not been recorded) amounts to $1,000 for May, determine the following:
	(1)	Net income for the month.
	(2)	Owner's equity as of May 31.