Sheridan Company entered into these transactions during May 2025, its first month of operations. 1. Stockholders invested $35,000 in the business in exchange for common stock of the company. 2. Purchased computers for office use for $32,900 from Ladd on account. 3. Paid $3,600 cash for May rent on storage space. 4. Performed computer services worth $18,100 on account. 5. Performed computer services for Wharton Construction Company for $5,900 cash. 6. Paid Western States Power Co. $7,100 cash for energy usage in May. 7. Paid Ladd for the computers purchased in (2). 8. Incurred advertising expense for May of $1,800 on account. 9. Received $11,900 cash from customers for contracts billed in (4). (1) $ (2) (3) (4) Assets Liabilitie + Cash Accounts Receivable Account + = Equipment Payable 3500 -3600 18100 32900 (5) 5900 (6) -7100 (7) -32900 i i (8) (9) 11900 -11900 9200 6200 + $ 32900 $ Liabilities Accounts Payable Common Stock 32900 -32900 1800 i 35000 i i Stockholders' Equity Revenues Retained Earnings Expenses $ i 18100 5900 i $ 1800 + 35000 $ + 24000 -12500 Common + Stock Stockholders' Equity Revenues $ 35000 $ i Retained Earnings i 18100 5900 i i i 35000 i 24000 $ Expenses i -3600 -7100 i -1800 i -12500 i