You are the accountant for a hypothetical company that takes folks on running trips. Classify the following transactions under the appropriate accounts as debits or credits for the month of May...

Acct# Account Title

111 Cash

112 Accounts Receivable

113 Prepaid Insurance

114 Supplies

141 Van

142 Accumulated Depreciation - Van

143 Trailer

144 Accumulated Depreciation - Trailer

211 Notes Payable

212 Accounts Payable

213 Unearned Service Revenue

214 Interest Payable

215 Salaries & Wages Payable

216 Income Tax Payable

311 Common Stock

312 Retained Earnings

313 Dividends

314 Income Summary

411 Service Revenue

511 Salaries & Wages Expense

512 Advertising Expense

513 Insurance Expense

514 Utilities expense

515 Rent Expense

516 Supplies Expense

517 Consulting Expense

520 Depreciation Expense

530 Interest Expense

540 Income Tax Expense

Transactions

May 1- Conpany begins business by selling 25,000 shares of $1 per value common stock for $25,000.

May 1- Purchased a Van for $25,000 to transport clients. Paid $5,200 down and signed a promissory note for the remained.

May 2- Paid $250 to rent office space for May.

May 3- Purchased a trailer to carry gear behind the Van for $12,000

May 4- Purchased a one-year liability insurance policy for $2,400

May 5- Purchased supplies (water bottles, energy bars, ect.) on account from Peace Surplus $560.

May 6- Provided services to a group of runners on a trip and received $4,000. cash.

May 8- Received $2,500 cash from a separate company to reserve 5 spots on future running trips for their employees.

May 12- Paid $400 to advertise in the local newspaper. The newspaper ran all of the ads in May.

May 15- Paid employee salaries for the first half of May $3,375.

May 18- Guided a running trip for a team of runners. This service was provided on account, $6,000.

May 20- Received an invoice for $1,500 from a web designer company for the creation of a new website for the company. Invoice will be paid in June.

May 22- Paid for the supplies previously purchased from Surplus store on May 5.

May 23- received $2,000 cash from customers for guiding a trip.

May 26- received $4,000 cash for guiding trip on May 18 for payment on their account.

May 28- Paid utility bills for the month of May $180.

May 29- Paid employee salaries, $3,150 for the payroll period ending on May 29.

May 31- Declared and paid cash dividends of $1,225 to stockholders.