Reliable Lawn Care Service, Inc., a company that takes care of lawns and shrubbery of personal residences, engaged in the following transactions in April 2012:

a. Prepare a summary of transactions (see Part A of Illustration 1.3). Use money columns headed Cash, Accounts Receivable, Equipment, Accounts Payable, Capital Stock, and Retained Earnings. Determine balances after each transaction to show that the basic accounting equation balances.

b. Prepare a balance sheet as of April 30.

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Apr. 1 The company was organized and received $400,000 cash from the owners in exchange for capital stock issued. 4 The company bought equipment for cash, $101,760. 9 The company bought additional mowing equipment that cost $9,120 and agreed to pay for it in 30 days. 15 Cash received for services performed to date was $3,840. 16 Amount due from a customer for services performed totaled $5,280. 30 Of the receivable (see April 16), $3,072 was collected in cash. 30 Miscellaneous operating expenses of $6,240 were paid during the month. 30 An order was placed for miscellaneous equipment costing $28,800.