2 5 Problem 3-3 Nona Curry started her own consulting firm, Sage Hill Inc., on May 1, 2017. The following transactions occurred during the month of May. May 1 Stockholders invested $17,325 cash in the business in exchange for common stock. Paid $693 for office rent for the month. 3 Purchased $578 of supplies on account. Paid $173 to advertise for the month in the County News. 9 Received $1,617 cash for services performed. Paid $231 cash dividend. Performed $4,851 of services on account. 17 Paid $2,888 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of $1,386 for services performed on account on May 15. 26 Borrowed $5,775 from the bank on a note payable. Purchased office equipment for $2,310 paying $231 in cash and the balance on account. Paid $208 for utilities, 12 15 29 30 Show the effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability SAGE HILL INC. Liabilities Assets theses) m front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity SAGE HILL INC. Liabilities Notes Accounts + + Payable Payable es + Equipment Common Stock + Retained Earnings Revenues Expenses Dividends Rer Adu Ser Div Ser Sali Prepare a retained earnings statement for the month of May 2017. SAGE HILL INC. Retained Earnings Statement V $