Ex. 1 (10p) The ledger accounts given below, with an identification number for each, are used by Paulson Company the appropriate Instructions: Indicate the appropriate entries for the month of May by pia example. identification number(s) in the debit and credit columns provided. Item 0 is given as an is appropriate 1. Cash 2. Accounts Receivable 8. Accounts Payable 3. Supplies 4. Prepaid Insurance 5. Prepaid Advertising 11. Owner's Capital 6. Equipment 13. Service Revenue 14. Equipment Expense 15. Advertising Expense 16. Supplies Expense 17. Rent Expense 18. Salaries Expense 7. Salaries Payable Unearned Service Revenue 10. Notes Payable 12. Owner's Drawing Entry 0. May 1 1. May 4 2. May 5 Account(s) Debited Account(s) Credited 0 Entry Information Owner K. Paulson invested $40,000 in the business. Equipment was purchased at a cost of $7,000; a three- month, 10% note payable was signed for this amount. Paid a supplier $1,500 cash on account. Paid $1,800 in cash to Palmero Company for May rent. Purchased supplies for $2,500 cash. The supplies are expected to last through July Paid $300 cash to the Daily News for advertisements run this past week Billed customers $8,000 for services rendered. 3. May 8 4. May 10 S. May 14 . May 16 . May 19 Received $5,000 from customers for services rendered during the week. Additional supplies were purchased on account at a cost of $800 from Superior Supplies Company. These supplies will be used during June. May 25 . May 26 Received $11,000 from customers for services to be rendered early in June