The following amounts appeared on the transactions worksheet of Reliable Truck Rentals on May 1, 2022. ASSETS LIABILITY OWNERS EQUITY Cash + Accounts Receivable + Expenses + Prepaid Equip. + Truck+ Accounts Payable Reliable Truck Rentals, Capital + Revenue- Expenses 1,700 200 300 3,000 7,000 4,200 8,000 The following transactions occurred during the month of May: 1. Collected $5,000 cash for tool rental during the month 2. Paid $500 rent expense 3. Paid $1,500 cash to satisfy an account payable 4. Paid $100 for insurance coverage for the month of May 5. Purchased used truck for $5,000 on credit 6. Paid the following expenses: advertising $300; salaries $2,500; telephone $150; truck operating $550 7. Purchased a piece of equipment for $1,500 with cash 8. Estimated $200 of supplies on hand was used during May 9. Owner contributed $1,000 cash to the company 10. Paid $300 in cash to owner Requirements: a) Analyze the transactions above in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected. Balance the equation after each transaction (check column should be 0) and total all transactions at the end of the month. b) Prepare a statement of income, statement of owner's equity, and statement of financial position for the month ending May 31, 2022. Record the expenses in alphabetical order. Ensure your statement of financial position balances.