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Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. Include margin explanations for any changes in revenues or expenses. - Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses. - Increases in expenses require a negative sign or parentheses. Liabilities Stockholders' Equity Assets May 2 May 3 May 5 May 9 May 12 May 15 May 17 May 20 May 23 May 26 May 29 May 30 Dorothy Taylor started her own consulting firm, Taylor Consulting Inc., on May 1, 2027. The following transactions occurred during the month of May. May 1 Stockholders invested $14,700 cash in the business in exchange for common stock. 2 Paid $588 for office rent for the month. 3 Purchased $490 of supplies on account. 5 Paid $147 to advertise for the month in the County News. 9 Performed services for customer for $1,372 cash. 12 Paid $196 cash dividend. 15 Performed $4,116 of services on account. 17 Paid $2,450 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of \$1,176 for services performed on account on May 15. 26 Borrowed $4,900 from the bank on a note payable. 29 Purchased office equipment for $1,960 paying $196 in cash and the balance on account. 30 Paid $180 for utilities

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