Larkspur, Inc. was started on May 1. A summary of May transactions is presented as follows. 1. Stockholders invested $24,000 cash in the business in exchange for common stock. 2. Purchased equipment for $4,000 cash. 3. Paid $600 cash for May office rent. 4. Paid $700 cash for supplies. 5. Incurred $350 of advertising costs in the Beacon News on account. 6. Received $4,800 in cash from customers for repair service. 7. Declared and paid a $1,500 cash dividend. 8. Paid part-time employee salaries $1,100. 9. Paid utility bills $120. 10. Performed repair services worth $900 on account. 11. Collected cash of $140 for services billed in transaction (10).