system Announcements ho CALCULATOR Problem 1-04A a-c (Video) Dorothy Taylor started her own consulting firm, Sandhill Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1 Trixie invested $6,100 cash in the business. 2 Paid $750 for office rent for the month. 3 Purchased $500 of supplies on account. 5 Paid $130 to advertise in the County News. 9 Received $4,500 cash for services performed. 12 Withdrew $1,000 cash for personal use. 15 Performed $5,800 of services on account. 17 Pald $2,100 for employee salaries. 20 Made a partial payment of $300 for the supplies purchased on account on May 3. 23 Received a cash payment of $3,800 for services performed on account on May 15. 26 Borrowed $4,800 from the bank on a note payable. 29 Purchased equipment for $4,100 on account. 30 Paid $250 for utilities Show the effects of the previous transactions on the accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Owners Equity, place parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.) MATRIX CONSULTING Assets Liabilities Owner's Equity Accounts Notes Accounts Date Cash Owner's Owner's Receivable Supplies Equipment Payable Payable Capital Drawings Reve 1 6100 $ 6100 2 (750) Ou... R 20.. Excel | Go... Sti. Bh. Sni. fer System Announcements ECES LINK TO TEXT LINK TO TEXT cy ing Prepare an income statement for the month of May. SANDHILL CONSULTING Income Statement For the Month Ended May 31, 2020 tudy Total Revenues LINK TO TEXT LINK TO TEXT LUS Mergandite Accounting Principles, 13e RCES ncy ding Prepare a balance sheet at May 31, 2020. (List Assets in order of liquidity.) .). SANDHILL CONSULTING Balance Sheet Assets Study Liabilities and Owner's Equity I $