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Fredonia Repair Inc. was started on May 1. A summary of May transactions is presented below. 1. Stockholders invested $15,500 cash in the business in

Fredonia Repair Inc. was started on May 1. A summary of May transactions is presented below.

1. Stockholders invested $15,500 cash in the business in exchange for common stock.
2. Purchased equipment for $5,500 cash.
3. Paid $200 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 $1,000 cash dividend.
8. Paid part-time employee salaries $1,000.
9. Paid utility bills $140.
10. Performed repair services worth $990 on account.
11.

Collected cash of $140 for services billed in transaction (10)

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