Howard McGraw of Windsor opened First City Surveying Service. As his accountant, analyze the transactions listed and present to Howard the following information, in proper form:
1. The analysis of the transactions using the expanded accounting equation
2. A balance sheet showing the financial position of the firm before opening on May 1, 2022
3. An income statement for the month of May
4. A statement of owner’s equity for May
5. A balance sheet as of May 31, 2022
2022
Apr. 23 Howard invested $17,000 in the surveying business.
26 Bought equipment for $5,000, paying $250 in cash and leaving the balance on account.
29 Bought equipment for cash from Majestic Co., $2,895.
30 Paid $2,375 to Chapman & Co. as partial payment of the April 26  transaction.
May 2 Surveyed a new business location and immediately collected cash,$2,350.
3 Paid salaries of employees, $975.
10 Provided surveying services to City Community College, $4,950, of which $2,000 was collected in cash and the balance was on account.
13 Received from City Community College $2,500 cash as partial payment of the May 10 transaction.
14 Paid telephone bill, $104.
17 Howard paid his home mortgage from the company’s bank account, $1,043.
21 Provided surveying services and received cash, $1,825.
24 Bought additional equipment on account from Jensen Bros., $2,415.
27 Paid rent expense for the month, $825.
28 Paid supplies expense, $246.
31 Advertising bill received but not yet paid, $410.