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Karen Repair Inc. was started on May 1. A summary of May transactions is presented...

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Accounting

Karen Repair Inc. was started on May 1. A summary of May transactions is presented below.

1. Stockholders invested $10,400 cash in the business in exchange for common stock.
2. Purchased equipment for $5,200 cash.
3. Paid $416 cash for May office rent.
4. Paid $312 cash for supplies.
5. Incurred $260 of advertising costs in the Beacon News on account.
6. Performed repair services for customer for $4,888 cash.
7. Paid a $728 cash dividend.
8. Paid part-time employee salaries $1,040.
9. Paid utility bills $148.
10. Performed repair services worth $1,144 on account.
11. Collected cash of $120 for services billed in transaction (10).

(a)

Prepare a tabular analysis of the transactions. Include margin explanations for any changes in revenues or expenses. Revenue is called Service Revenue. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)

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