May 1 Federal Photo, Inc. Issued common stock for $25,000 cash. 3 Paid advertising expense, $1200. 5 Purchased land, paid $10,000 cash and signed a note for $30,000 11 Bought supplies on account, $1,700. 15 Paid $800 on account. 20 $15,000 cash for services revenue. Received 22 Paid salaries expense $2,800. 25 Paid rent $1,800 31 Paid dividend of $3,000. 1. Journalize each transaction 2. Prepare T-accounts for May 31 3. Prepare a trial balance of Federal Photo 4. Did Federal Photo have a profit or loss for May? How much