McGuire Company Is a Sole Proprietorship

McGuire Company is a sole proprietorship.The financial transactions of McGuire Company for the month of May,their first month of operations,are as follows:
• On May 1,2019,Deborah McGuire,the owner,contributed $20,000 cash in exchange for capital.
• On May 3,the company borrowed $5,000 from a creditor and executed a note payable with the principal and interest to be due in one year.
• On May 7,the company purchased $15,000 of equipment for cash.
• On May 8,McGuire Company rendered service to a client and received $3,000 in cash.
• On May 12,the company incurred a repair expense of $1,800 and promised to pay the repair contractor the following month.
• On May 18,the company rendered service to a new client in the amount of $8,000 on account,as the client promised to pay the following month.
• At the end of May,Deborah McGuire withdrew $1,500 cash for personal use.
Required:
1.Prepare a transaction analysis of the transactions.Determine the effects of the transactions on the accounting equation.
2.Prepare an income statement and a statement of owner's equity for the month ending May 31,2019 for
McGuire Company.
3.Prepare a balance sheet at May 31,2019.