Expand Your Critical Thinking 3-7 (Part Level Submission) Saira Morrow operates Dressage Riding Academy, Inc. The academy's primary sources of revenue are riding fees and lesson fees, which are provided on a cash basis. Saira also boards horses for owners, who are billed monthly for boarding fees. In a few cases, boarders pay in advance of expected use. For its revenue transactions, the academy maintains these accounts: Cash, Accounts Receivable, Unearned Service Revenue, and Service Revenue The academy owns 10 horses, a stable, a riding corral, riding equipment, and office equipment. These assets are accounted for in the following accounts: Horses, Buildings, and Equipment. The academy employs stable helpers and an office employee, who receive weekly salaries. At the end of each month, the mail usually brings bills for advertising, utilities, and veterinary service. Other expenses include feed for the horses and insurance. For its expenses, the academy maintains the following accounts: Supplies, Prepaid Insurance, Accounts Payable, Salaries and Wages Expense, Advertising Expense, Utilities Expense, Maintenance and Repairs Expense, Supplies Expense, and Insurance Expense Saira's sole source of personal income is dividends from the academy. Thus, the corporation declares and pays periodic dividends. To account for stockholders' equity in the business and dividends, two accounts are maintained: Common Stock and Dividends. During the first month of operations, an inexperienced bookkeeper was employed. Saira asks you to review the following eight entries of the 50 entries made during the month. In each case, the explanation for the entry is correct. May 1 Cash 17,700 Unearned Service Revenue 17,700 (Issued common stock in exchange for $17,700 cash) 5 Cash 300 Service Revenue 300 (Received $300 cash for lesson fees) 7 Cash 590 Service Revenue 590 (Received $590 for boarding of horses beginning June 1) 9 Supplies Expense 1,770 Cash 1,770 (Purchased estimated 5 months' supply of feed and hay for $1,770 on account) 14 Equipment 90 Cash 900 (Purchased desk and other office equipment for $900 cash) Salaries and Wages Expense 15 470 Cash 470 (Issued check to Saira for personal use) 20 Cash 173 Service Revenue 182 (Received $182 cash for riding fees) Maintenance and Repairs Expense 31 90 Accounts Receivable 90 (Received bill of $90 from carpenter for repair services performed) Answer the following (a1) For each journal entry that is correct, so state Date May 1 May 5 May 7 May 9 May 14 May 15 May 20 May 31 Click if you would like to Show Work for this question: Open Show Work