Analyze business transactions using the accounting equation. The following transactions apply to Jenna \& Frith's Maid Service during April 2008. (LO 3, 4)

1. Jenna started the business by depositing \(\$ 5,000\) in a business checking account on April 1 in exchange for common stock.

2. The company provided services to clients and received \(\$ 4,215\) in cash.

3. The company borrowed \(\$ 1,200\) from the bank for the business by signing a note.

4. The company paid \(\$ 1,125\) of operating expenses.

5. The company purchased a new computer for \(\$ 3,000\) cash to use to keep track of its customers, starting next month.

6. The company distributed \(\$ 1,050\) to the owner.

\section*{Required}

a. Enter the transactions into the accounting equation.

b. What are the total assets of the company at the end of April 2008?

c. Prepare a statement of cash flows for April 2008.

d. What was net income for April 2008?

e. Who might find the information on Jenna \& Frith's Maid Service financial statements useful?