Exercise 1 Mr. Sam decided to open a new consulting company. During the month of May, t occurred: May 2: Mr. Sam started with $80,000 in the bank account. 6: Purchased equipment worth $25,000 on credit. 10: Performed services on credit totaling $10,000. 14: Take long term loan for a land $70,000. 19: Received a cheque of $5,000 from a client in payment on credit. 24: Paid $11,000 due to suppliers. 30: Paid $4,000 rent for the current month. Required: Exercise 1 Mr. Sam decided to open a new consulting company. During the month of May, t occurred: May 2: Mr. Sam started with $80,000 in the bank account. 6: Purchased equipment worth $25,000 on credit. 10: Performed services on credit totaling $10,000. 14: Take long term loan for a land $70,000. 19: Received a cheque of $5,000 from a client in payment on credit. 24: Paid $11,000 due to suppliers. 30: Paid $4,000 rent for the current month. Required