Monty Corp. was started on May 1 . A summary of May transactions is presented as follows. 1. Stockholders invested $12,500 cash in the business in exchange for common stock. 2. Purchased equipment for $5,000 cash. 3. Paid $500 cash for May office rent. 4. Paid $700 cash for supplies. 5. Incurred $200 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 $1,500 cash dividend. 8. Paid part-time employee salaries $1,000. 9. Paid utility bills $130. 10. Performed repair services worth $920 on account. 11. Collected cash of $140 for services billed in transaction (10). 6. Received $5,000 in cash from customers for repair service. 7. Declared and paid a $1,500 cash dividend. 8. Paid part-time employee salaries $1,000. 9. Paid utility bills $130. 10. Performed repair services worth $920 on account. 11. Collected cash of $140 for services billed in transaction (10). (a) Your answer is partially correct. 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 Equity item that was reduced. See Illustration 1-8 for example.) eTextbook and Media List of Accounts Your atsair is poirtially currect. Equity itest that was reduced Seenhistration 1.8 for exmple] 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.) eTextbook and Media List of Accounts