Question 2 of 8 < > -/1 Cullumber Computer Corporation had the following opening account balances at the end of April: Cash $5,000, Accounts Receivable $7,500; Accounts Payable $2,000; Common Shares $5,000; and Retained Earnings $5,500. It entered into the following transactions during the month of May: 1 Purchased equipment on account for $7,700. 2 Paid $1.100 for rent for the month of May. 3. Provided computer services for $3,900 on account. 4. Paid Ontario Hydro $400 cash for utilities used in May. 5. Borrowed $19,600 from the bank. 6. Paid supplier for equipment purchased in transaction 1. 7 Purchased a one-year accident insurance policy for $500 cash. 8. Received $3,300 cash in partial payment of the account owed in transaction 3. 9. Declared and paid $500 of dividends to shareholders. 10. Paid income tax of $250 for the month.