On May 1, Shanky opened Shanky Repair Service, Inc. During the month of May the company completed
the following transactions.
May 1	Shanky invested $18,000 of his own cash in the business in exchange for all shares of common stock.
May 1	Paid the rent for the store for the current month in cash - $425.
May 1	Paid the premium on a one-year insurance policy - $1,560.
May 2	Purchased repair equipment from ABC Company for $4,200. The terms were $600
	down and $300 per month for one year. The first $300 payment is due on June 1.
May 5	Purchased repair supplies from the Tidwell Company on credit - $492.
May 8	Paid cash for an advertisement in the local newspaper - $70.
May 15	Earned cash repair revenue of $1,750 during the first two weeks of business.
May 21	Paid Tidwell company on account - $225.
May 31	Earned and received cash for repair services during second half of May - $975.
May 31	Declared and paid a cash dividend of $400.
1)	Create the following T-accounts: Cash, Prepaid Insurance, Repair Supplies, Repair Equipment,
	Accumulated Depreciation - Repair Equipment, Accounts Payable, Income Taxes Payable,
	Common Stock, Retained Earnings, Repair Revenue, Store Rent Expense, Advertising
	Expense, Insurance Expense, Repair Supplies Expense, Depreciation Expense, and
	Income Tax Expense.
	Prepare the Journal Entries in a journal for the transactions above and post them to the appropriate T-accounts.