Current Attempt in Progress

Larkspur Computer had the following transactions during the month of May.

Purchased equipment on account for $$11,300.$

Paid $$2,410$ for rent for the month of May.

Performed computer services for $$4,200$ on account.

Paid Buffalo Hydro $$380$ cash for utilities used in May.

Borrowed a note payable $$24,900$ from the bank.

Paid supplier for equipment purchased in transaction $(1).$

Purchased a one$-$year insurance policy for $$730$ cash.

Received $$3,390$ cash in partial payment of the account owed in transaction.$(3).$

Declared and paid $$730$ of dividends to stockholders.

Paid incomes taxes of $$310$ for the month.

Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to

revenues or expenses in the right$-$hand margin.

Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses.

Increases in expenses require a negative sign or parentheses.