Using the information in QS 1-18, prepare an income statement and statement of changes in equity for the month ended May 31, 2023, and a balance sheet at May 31, 2023.

Data From QS 1-18

Paul Sangha began Sangha Consulting on May 1, 2023 and reported the items below at May 31, 2023. Match each numbered item with the part of the balance sheet on which it should be presented. If the item does not appear on the balance sheet, choose (d) and identify on which financial statement(s) the item would appear.

1. Asset
2. Liability
3. Equity
4. Does not appear on the balance sheet

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$? 22 6 14 5. Paul Sangha's investments in May 30 6. Interest income 2 7. Paul Sangha, capital, May 1, 2023 0 8. Repair supplies 9. Notes payable 1. Loss 2. Rent expense 3. Rent payable 4. Accounts receivable 525 25 10. Paul Sangha's withdrawals in May 5 11. Truck 15 12. Consulting revenue 18 13. Paul Sangha, capital, May 31, 2023 ? 14. Cash 20