Tanner Kerekes had been operating his law practice in Mississauga under the name Tanner Kerekes, Lawyer. The following business transactions took place during the month of May 2019. Identify the accounting characteristic, assumption, or principle that would be applicable to each of the transactions and discuss the effects it would have on the financial statements of Tanner Kerekes, Lawyer. May 1 Kerekes deposited $30,000 cash into the business bank account. May 3 Kerekes completed legal work for a home builder. He charged the builder $5,000, not the $6,000 the work was worth, in order to earn more business from the builder. May 5 The business bought furniture from Ajax Furniture for $8,000, paying $2,000 cash and promising to pay $1,000 per month at the beginning of each month starting June 1, , for six months. Kerekes would like to expense the entire amount to reduce net income for tax reasons. May 10 The business signed a lease to rent additional space at a cost of $2,000 per month. Kerekes will occupy the premises effective June 1, . May 18 Determining that the business would need more cash in June, Kerekes went to the bank and borrowed $20,000 on a personal loan and transferred the money to the company. May 25 Kerekes purchased a painting for his home from one of his clients. He paid for the $3,000 purchase with his personal credit card. May 28 Kerekes withdrew $5,000 from the business. He used $2,000 of the money to repay a portion of the loan arranged on May 18. May 31 The business did legal work with a value of $10,000 for Apex Computers Ltd. Apex paid for the work by giving the company computer equipment with a selling price of $12,000