Question 1 of 2 View Policies Current Attempt in Progress Betty Harris started her own consulting firm, Betty Consulting, on May 1, 2022. The following transactions occurred during the month of May. May 1 Betty invested $8,000 cash in the business. 2 Paid $900 for office rent for the month. 3 Purchased $500 of supplies on account. 5 Paid $150 to advertise in the County News. 9 Received $4,100 cash for services performed. 12 Withdrew $1,000 cash for personal use. 15 Performed $5,400 of services on account. 17 Paid $2,100 for employee salaries. 20 Made a partial payment of $300 for the supplies purchased on account on May 3. 23 Received a cash payment of $4,300 for services performed on account on May 15. 26 Borrowed $4,900 from the bank on a note payable. 29 Purchased equipment for $4,000 on account. 30 Paid $250 for utilities. (a) Show the effects of the previous transactions on the accounting equation. Of a transaction results in a decrease in Assets, Liabilities or > -/25 E Question 1 of 2 < > (a) Show the effects of the previous transactions on the accounting equation. (If a transaction results in a decrease in Assets, Liabilities or Owners Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.) Assets Accounts Date Cash Receivable Supplies Equipr 1 2 3 5 6 12 15 17 20 $ 8,000 $900 $500 $150 $4,100 $1,000 $5,400 $2,100 $300 ONE $ $500 $300 *** uestion 1 of 2 42 Equipment (7 $4,000 27 Notes Payable Liabilities $4,900 Accounts Payable $ -/25 E Owner's Capital 8,00 Owner's Capital 8,000 O 19 Owner's Drawings Owner's Equity $150 Revenues Expenses Question 1 of 2 < > (b) Prepare an income statement for the month of May. eTextbook and Media BETTY CONSULTING Income Statement -/25 (c) Prepare a balance sheet at May 31, 2022. (List Assets in order of liquidity.) BETTY CONSULTING Balance Sheet Assets Liabilities and Owner's Equity $ $ Liabilities and Owner's Equity