account classifications should be entered as a negative.) Problem 2-5B (Static) Analyze the impact of transactions on the accounting equation and record transactions (LO2-2, 2-4) [The following information applies to the questions displayed below.] Ell owns an insurance office, while Olivia operates a maintenance service that provides basic custodial duties. For the month of May, the following transactions occurred. May 2 Olivia decides that she w111 need insurance for a one-day special event at the end of the month and May 2 pays E11$300 in advance. May 5 olivia provides maintenance services to Eli's insurance offices on account, 5425. May 7 zil borrows $500 from olivia by signing a note. May 1401 ivia purchases maintenance supplies from spot corporation, paying cash of $200. May 19 Eli pays $425 to 01 ivia for maintenance services provided on May 5. May 25 E11 pays the utility bi11 for the month of May, \$135. May 28 olvia receives insurance services from E11 equaling the amount paid on May 2. May 31 Eli pays $500 to olivia for money borrowed on May 7