Threets Repair Shop was started on May 1 by Erica Threet. A summary of May transac- tions is presented below. 1. Invested $10,000 cash to start the repair shop. 2. Purchased equipment for $5,000 cash. 3. Paid $400 cash for May offi ce rent. 4. Paid $500 cash for supplies. 5. Incurred $250 of advertising costs in the Beacon News on account. 6. Received $6,100 in cash from customers for repair service. 7. Withdrew $1,000 cash for personal use. 8. Paid part-time employee salaries $2,000. 9. Paid utility bills $170. 10. Provided repair service on account to customers $750. 11. Collected cash of $120 for services billed in transaction (10). Instructions (a) Prepare a tabular analysis of the transactions, using the following column headings: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Owners Capital, Owners Drawings, Revenues, and Expenses. (b) From an analysis of the owners equity columns, compute the net income or net loss for May. P1-2A Ramona Castro opened a veterinary business in Nashville, Tennessee, on August 1. On August 31, the balance sheet showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, and Owners Capital $13,700. During September, the following transactions occurred. 1. Paid $2,900 cash on accounts payable. 2. Collected $1,300 of accounts receivable. 3. Purchased additional offi ce equipment for $2,100, paying $800 in cash and the balance on account. 4. Earned revenue of $7,800, of which $2,500 is received in cash and the balance is due in October. 5. Withdrew $1,100 cash for personal use. 6. Paid salaries $1,700, rent for September $900, and advertising expense $450. 7. Incurred utilities expense for month on account $170. 8. Received $10,000 from Capital Bank (money borrowed on a note payable). Instructions (a) Prepare a tabular analysis of the September transactions beginning with August 31 balances. The column headings should be as follows: Cash 1 Accounts Receivable 1 Supplies 1 Equipment 5 Notes Payable 1 Accounts Payable 1 Owners Capital 2 Owners Drawings 1 Revenues 2 Expenses. (b) Prepare an income statement for September, an owners equity statement for September, and a balance sheet at Septembe