XYZ began a fortune telling business on May 1. The following transactions occurred: Owner invested $12,000 cash in the business. Purchased $6,000 of furniture with a down payment of $500: the rest to be paid in three monthly installments. Paid S1000 rent. Purchased a crystal ball for $900. Paid $1,800 for a 12-month insurance policy. During the first month received $2,500 from cash customers. Sent billings of $2,500 for services rendered to credit customers. Paid assistant $1,500 wages for the month. Received $600 in payments from credit customers. Borrowed from bank $3,200 by signing a note. Made a $500 payment on the furniture bill (from transaction 2). Owner withdrew $300 cash for personal use. Paid bills for advertising $60, utilities $39, and repairs $52. Required: Enter the above transactions in an accounting equation work sheet. Prepare an income statement for the month of May. Prepare a statement of owner's equity for the month of May