Date Accounts and Explanations Debit Credit May 1 Accounts Receivable 700 Service Revenue 700 Collected an account receivable. May 2 Rent Expense Cash Paid monthly rent, $2,000. May 5 Cash Accounts Receivable Collected cash for services provided. May 10 Supplies Accounts Payable Purchased office equipment on account. May 16 Dividends Cash Paid salaries. May 25 Accounts Receivable Cash Paid for supplies purchased earlier on account. 20,000 20,000 3,400 3,400 4,500 4,500 4,900 4,900 4,000 4,000