Current Attempt in Progress Monty Corp. was started on May 1. A summary of May transactions is presented as follows. Stockholders invested $12,500 cash in the business in exchange for common stock. Purchased equipment for $5,000 cash. Paid $500 cash for May office rent. Paid $700 cash for supplies. Incurred $200 of advertising costs in the Beacon News on account. Received $5,000 in cash from customers for repair service. Declared and paid a $1,500 cash dividend. Paid part-time employee salaries $1,000. Paid utility bills $130. Performed repair services worth $920 on account. Collected cash of $140 for services billed in transaction