Required information [The following information applies to the questions displayed below) Eli owns an insurance office, while Olivia operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred. May 2 Olivia decides that she will need insurance for a one-day special event at the end of the month and pays all $150 in advance. May 5 olivia provides maintenance services to insurance offices on account, $350. May 7 eli borrows $350 from Olivia by signing a noto. May 14 Olivia purchases maintenance supplies from Spot Corporation, paying cash of $125 May 19 Eli paya $350 to Olivia for maintenance services provided on May 5. May 25 Ell pays the utility bill for the month of May, $120 May 28 Olivia receives insurance services from Eli equaling the amount paid on May 2.. May 31 11 pays $350 to Olivia for money borrowed on May 7. 2. Using the format shown below, enter the impact of each transaction on the accounting equation for each company. (Decreases to account classifications should be entered as a negative.) 2. Using the format shown below, enter the impact of each transaction on the accounting equation for each compa account classifications should be entered as a negative.) ELI'S INSURANCE SERVICES OLIVIAS MAINTENANCE SERVICES Asset Liabilities - Stockholdere Equity Assets Liabilities Stockholders Equity May 2 $ 150 $ 150 $ 0 $ 150 $ 0 $ 0 $ (150) 5 $ 7 14 19 25 28 31