Knowledge Ltd provides one-day training programs on accounting. It charges $5000 per day. The following events occurred during May 2019. 

a. Received $20 000 from accounts receivable for sales in previous months. 

b. Paid three months’ rent of $9000 that covers the period 1 May 2019 to 31 July 2019. 

c. Received orders for 70 days of training during the month. Delivered 50 of the days of training during the month and received payment for 30 of these days. 

d. Signed a contract to design a special program for lawyers at a price of $20 000. Design will commence in July. Received a $5000 deposit. 

e. Paid $400 000 for new equipment and $20 000 to install it. 

f. A contract was signed with a new CEO for $700 000 per year. The CEO will start on 1 July. 

g. Paid wages during the period of $60 000 with accrued wages of $5000 owing at the end of the month. 

h. Borrowed $12 000 on 1 May from the bank at 10 per cent per annum. Interest and principal repayable in three months.

Required: 

1. Determine total revenue for the month of May 2019. 

2. List all expenses for the month of May 2019.