4. Accounting Problem Initial Capital Purchased equipment on a Long-Term Payable Note Sales in cash Paid rent in cash Sales on credit $20,000 $12,000 $1,000 $760 $800 $370 $400 Paid salaries to employees in cash Purchased supplies on credit Required: 1. Prepare a summary of the above and post the transactions. Use columns like Cash, Accounts Receivable, Accounts Payable, Notes Payable, Capital Stock, Revenues, Expenses, etc. 2. Prepare an income statement for April 2017. 3. Prepare a balance sheet as of April 30, 2017.