The following transactions occurred during May for SUPflow, Inc., a floating yoga studio located in Morro Bay, California: Collected money from memberships sold to customers on account. Purchased studio supplies on account. Paid cash dividends to the owner. Accrued operating expenses incurred during May that will be paid in June. Recognized supplies used during May. Recorded depreciation on fixed assets. Recognized monthly revenue earned for annual memberships purchased by customers in January. Assuming the company uses the accrual basis of accounting, how many of the above transactions are considered adjustments? three two seven four one