Problem 1-1A Fredonia Repair Inc. was started on May 1. A summary of May transactions is presented below. Stockholders invested $10,000 cash in the business in exchange for common stock Purchased equipment for $5,000 cash Paid $400 cash for May office rent Paid $300 cash for supplies 1. 2. 3. 4. Incurred $250 of advertising costs in the Beacon News on account. 5. Received $4,700 in cash from customers for repair service. Declared and paid a $700 cash dividend. 6 7. Paid part-time employee salaries $1,000. 8 Paid utility bills $140 9. Performed repair services worth $1,100 on account. 10. Collected cash of $120 for services billed in transaction (10) 11 Fredonia Repair Inc. Income Statement Open Show Work Click if you would like to Show Work for this