Michelle Rodriguez started her own consulting firm, Rodriguez Consulting, on May 1, 2010.The following transactions occurred during the month of May.May 1 Michelle invested $7,000 cash in the business.2 Paid $900 for office rent for the month.3 Purchased $600 of supplies on account.5 Paid $125 to advertise in the County News.9 Received $4,000 cash for services provided.12 Withdrew $1,000 cash for personal use.15 Performed $6,400 of services on account.17 Paid $2,500 for employee salaries.20 Paid for the supplies purchased on account on May 3.23 Received a cash payment of $4,000 for services provided on account on May 15.26 Borrowed $5,000 from the bank on a note payable.29 Purchased office equipment for $3,100 on account.30 Paid $175 for utilities.Instructions(a) Show the effects of the previous transactions on the accounting equation using the following format.

(b) Prepare an income statement for the month of May.(c) Prepare a balance sheet at May 31,2010.

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Owner's Equity Accounts M. Rodrigucz, M. Rodriguez, + Capital - Drawing Liabilities Assets Accounts Office Notes Date Cash + Receivable + Supplies + Equipment = Payable + Payable +Revenues-Expenses