Below are a list of transaction for Foster's Car Wash. Create the general operating journal entries for the month of May. May 1 May 5 May 8 Foster Co. declares and pays dividends to stockholders' in the amount of $5,000. On May 5th the company washed 40 cars at $10 each in cash. Foster Co. purchased new washing equipment in the amount of $25,000. The purchase was made on account. Foster Co., received a utility bill for services used during the month of April for $200. The bill is not due until May 28th Foster Co, paid employees $2,300 for work performed. Foster Co. issued common stock in exchange for $15,000 cash. Foster Co., purchased cleaning supplies on account for $900. Foster Co. paid for current advertising in the local newspaper for $300 Foster Co. paid the utility bill for $200 on May 11. Foster paid for the equipment purchased on account on May 8 May 11 May 15 May 18 May 20 May 23 May 28 May 30 1. Record the transaction in journal entries. 2. Post each transaction to a T-account. Cash, beginning balance of $500,000. Accounts Payable beginning balance of $20,000, Dividends, no beginning balance, Common Stock, $40,000 beginning balance, Utility Expense, no beginning balance, Advertising Expense, no beginning balance, Salaries Expense, no beginning balance, Service Revenue, beginning balance $50,000 Equipment, no beginning balance, and Supplies, beginning balance $14,000. Calculate the ending balance in each account. 3