May 1 2 Stockholders invested $18,600 cash in the business in exchange for common stock. Paid $744 for office rent for the month. 3 Purchased $620 of supplies on account. 5 Paid $186 to advertise for the month in the County News. 9 Performed services for customer for $1,736 cash. 12 25 Paid $248 cash dividend. 15 Performed $5,208 of services on account. 17 Paid $3,100 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $1,488 for services performed on account on May 15. 26 29 30 Borrowed $6,200 from the bank on a note payable. Purchased office equipment for $2.480 paying $248 in cash and the balance on account. Paid $232 for utilities. Question 5 of 6 -15 Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. Include margin explanations for any changes in revenues or expenses. (If a transaction results in 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.) Date Cash Accounts Receivable May 1 $ May 2 Assets Supplies Equ