Blossom Company was started on May 1. A summary of May transactions is presented as follows. 1. Stockholders invested $20,500 cash in the business in exchange for common stock. 2. Purchased equipment for $5,500 cash. 3. Paid $600 cash for May office rent. 4. Paid $600 cash for supplies. 5. Incurred $300 of advertising costs in the Beacon News on account. 6. Received $5,000 in cash from customers for repair service. 7. Declared and paid a $1,200 cash dividend. 8. Paid part-time employee salaries $1,100. 9. Paid utility bills $160. 10. Performed repair services worth $930 on account. 11. Collected cash of $120 for services billed in transaction (10).