Fredonia Repair Inc. was started on May 1. A summary of May transactions is presented below. 1. Stockholders invested $11,000 cash in the business in exchange for common stock. 2. Purchased equipment for $4,500 cash. 3. Paid $400 cash for May office rent. 4. Paid $500 cash for supplies. 5. Incurred $200 of advertising costs in the Beacon News on account. 6. Received $4,300 in cash from customers for repair service. 7. Declared and paid a $1,000 cash dividend. 8. Paid part-time employee salaries $1,000. 9. Paid utility bills $160. 10. Performed repair services worth $930 on account. 11. Collected cash of $140 for services billed in transaction (10). Collapse question part (a) Prepare a tabular analysis of the transactions. Revenue is called Service Revenue. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.) FREDONIA REPAIR INC. Assets Liabilities Stockholders' Equity Cash Accounts Supplies Equipment Accounts Common Retained Earnings + Receivable + + = Payable + Stock + Revenues Expenses Dividends 1. $ $ $ $ $ $ $ $ $ 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. $ $ $ $ = $ $ $ $ $