Question 6 of 6 > -12 E Dorothy Taylor started her own consulting firm, Taylor Consulting Inc., on May 1, 2022. The following transactions occurred during the month of May May 1 Stockholders invested $14,700 cash in the business in exchange for common stock. 2 Paid $588 for office rent for the month. 3 Purchased $490 of supplies on account. 5 Paid $147 to advertise for the month in the County News 9 Performed services for customer for $1,372 cash 12 Paid $196 cash dividend. 15 Performed $4,116 of services on account. 17 Paid $2,450 for employee salaries. & 28 20 Paid for the supplies purchased on account on May 3 23 Received a cash payment of $1.176 for services performed on account on May 15. 26 29 30 Borrowed $4,900 from the bank on a note payable. Purchased office equipment for $1.960 paying $196 in cash and the balance on account. Paid $180 for utilities. (a) Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. Include margin explanations for any changes in revenues or expenses. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Date Cash Accounts Receivable May 1 $ $ May 2 May 3 May 5 May 9 May 12 Assets Supplies Equi