Novak Corp. was started on May 1. A summary of May transactions is presented as follows. 1. 2. Stockholders invested $22,500 cash in the business in exchange for common stock. Purchased equipment for $5,500 cash. 3. Paid $600 cash for May office rent. 4. Paid $600 cash for supplies. 5. Incurred $200 of advertising costs in the Beacon News on account. 6. Received $5,100 in cash from customers for repair service. 7. Declared and paid a $1,000 cash dividend. 8. Paid part-time employee salaries $800. 9. Paid utility bills $160. 10. Performed repair services worth $990 on account. 11. Collected cash of $120 for services billed in transaction (10).