Client Situation 2 (4 points) David Gray started a consulting firm, Gray Consulting, Inc. on May 1, 2016. The following transactions occurred during the month of May Gray invested $9,000 cash in the business in exchange for stock. Paid $700 for office rent for the month. Purchased S600 of supplies on a Paid $80 to advertise in the Harrisburg Patriot Received $3,500 cash for services provided. Paid a $750 cash dividend. 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 May 1 2 ccount. 12 15 17 20 23 26 29 30 Instructions (a) Prepare a tabular analysis of the transactions using the attached spreadsheet. (b) From an analysis of the column Retained Earnings, compute the net income or net loss for May