roblem 1-3A On May 1, Nimbus Flying School, a company that provides flying lessons, was started with an investment of $45,250 cash in the business. Following are the assets and liabilities of the company on May 31, 2017, and the revenues and expenses for the month of May Cash Accounts Receivable Equipment 4,900 Notes Payable 7,650 Rent Expense $28,000 1,150 600 2,250 150 64,250 Maintenance and Repairs Expense service kng Expense 1,650 7,050 Gasline Expense Advertising Expense Accounts Payable 750 Utilities Expense No additional investments were made in May, but the company paid dividends of $250 during the month