Client Situation 2 (4 points) David Gray started a consulting firm, Gray Consulting, Inc. on May 1, 2023. The following transactions occurred during the month of May. May 1 Gray invested $9,000 cash in the business in exchange for owner's capital. 235925722222 12 15 17 20 26 30 Paid $700 for office rent for the month. Purchased $600 of supplies on account. Paid $80 to advertise in the Harrisburg Patriot. Received $3,500 cash for services provided. Paid $750 in owner's drawings. Performed $5,400 of services on account. Paid $3,800 for employee salaries. Paid for the supplies purchased on account on May 3. Received a cash payment of $3,400 for services provided on account on May 15. Borrowed $4,000 from the bank on a note payable. Purchased equipment for $3,800 on account. Paid $250 for utilities. Instructions (a) Prepare a tabular analysis of the transactions using the attached spreadsheet. (b) From an analysis of the column Owners Equity, compute the net income or net loss for May.