UNJteA Baper or preferably on Excel, set up T accounts for Cash, Accounts Receivable: Supplies: Accounts Payable Brenda Wells, Capital:; Brenda Wells, Drawing: Professional Fees; and Operating Expenses In the T accounts, record the following transactions of Wells Consultant Services for May, 2005, identifying each entry 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. Assuming that supplies expense (which has not been recorded) amounts to $1,000 for May, determine the following What is net income for the month? ocate noints. Otherwise it is al