April 1 Issued common stock in exchange for $250,000 cash.

April 1 Purchased office equipment for $17,500 cash.

April 1 Borrowed $20,000 from Novus Bank and signed a 10% note. Interest and principal to be paid in 12 months.

April 5 Paid $4,000 rent in advance for the art gallery for the next two months.

April 10 Purchased art supplies from Wacky Art Co. on account for $12,200.

April 12 Received $5,300 from a customer who commissioned a piece of custom art to be completed by the end of the year.

April 15 Paid miscellaneous office expenses totaling $285 in cash.

April 17 Billed customers $3,400 for art classes provided in March.

April 19 Paid $5,300 to Wacky Art Co.

April 25 Received $2,200 from customers on account.

April 30 Recorded $3,800 in salaries for the month of April. Paychecks will be disbursed to employees on May 2^nd

1) Create an unadjusted trial balance

2) Record depreciation using a five-year life on the office equipment, the straight-line method, and no salvage value. Round to whole numbers. Record an adjustment for art supplies used in the amount of $2,510 and record interest expense for the note.

3) Create an adjusted trial balance.

4) Create an income statement, a statement of retained earnings, and an unclassified balance sheet.

5) Create closing entries.