Exercise 3-02 # Your answer is partially correct. Try again. Cullumber Company entered into these transactions during May 2022, its first month of operations. 1. Stockholders invested $42,500 in the business in exchange for common stock of the company. 2. Purchased computers for office use for $31,900 from Ladd on account. 3. Paid $2,900 cash for May rent on storage space. 4. Performed computer services worth $17,900 on account. 5. Performed computer services for Wharton Construction Company for $5,400 cash. 5. Paid Western States Power Co. $8,300 cash for energy usage in May. 7. Paid Ladd for the computers purchased in (2). B. Incurred advertising expense for May of $1,600 on account. 9. Received $14,000 cash from customers for contracts billed in (4).Assets Liabilities + Stockholders Equity Cash + Accounts + Equipment = Accounts + Common + Receivable Payable Stock Retained Earnings Revenues Expenses 1) 42,500 42,500 2) 31,900 31,900 v 3) -2900 -2900 Rent Expense 4) 17,900 17,900 Service Revenue 5) 5,400 5,400 Service Revenue 6) -8,300 -8,300 Utilities Expense 7) -31,900 -31,900 8) -1,600 1,600 1,600 Advertising Expense v 9) 14,000 -14,000 x 20.400 3900 31,900 1.600 42.500 23,300 -9600