On May 1, Tamarisk, Inc

On May 1, Tamarisk, Inc., a company that provides flying lessons, was started by using common stock in exchange for cash of $45,150. Following are the assets and liabilities of the company on May 31, 2020, and the revenues and expenses for the month of May. Cash Accounts Receivable Equipment Service Revenue Advertising Expense Accounts Payable $ 4,800 7,550 64,150 6,950 650 1,550 Notes Payable Rent Expense Maintenance and Repairs Expense Gasoline Expense Utilities Expense $28,000 1,000 450 2,400 300 No additional investments were made in May, but the company paid dividends of $350 during the month.
Prepare a retained earnings statement for May assuming the following data are not included above: (1) $950 worth of services were performed and billed but not collected at May 31, and (2) $1,150 of gasoline expense was incurred but not paid. (List items that increase retained earnings first.) Tamarisk, Inc. Retained Earnings Statement For the Month Ended May 31, 2020