Problem 1-1A Fredonia Repair Inc. was started on May 1. A summary of May transactions is presented below. 1. 2. 6. 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. Incurred $250 of advertising costs in the Beacon News on account. Received $4,700 in cash from customers for repair service. Declared and paid a $700 cash dividend. Paid part-time employee salaries $1,000. Paid utility bills $140. Performed repair services worth $1,100 on account. Collected cash of $120 for services billed in transaction (10). 7. 8. 9. 10. 11. Assets Accounts + Receivable + Supplies Llabilities Accounts Payable Stockholde P5 Equity Retained Earnings Common Stock Cash - Equipment = + + Revenues Expenses Dividends 1. $