AT Corp. opened for business on April 1st. Listed below are the transactions for AT Corp. for the month of April:

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 Venn 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 Tacky 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 $3,600 to Tacky 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 2nd. 1) Using an Excel spreadsheet, prepare the following: Tnter the transactions shown above in appropriate general ledger accounts (use T-accounts!!). Use the following ledger accounts: Cash, Accounts Receivable, Supplies on Hand, Prepaid Rent, Office Equipment, Accumulated Depreciation, Accounts Payable, Common Stock, Service Revenue, Rent Expense, Miscellaneous Office Expense, Office Salaries Expense, Supplies Expense, Depreciation Expense, Retained Earnings, Unearned Revenue, Office Salaries Payable, Notes Payable, Interest Payable, and Interest Expense. 2) Prepare an unadjusted trial balance. Record depreciation using a five-year life on the office equipment, the straight-line method, and no salvage value. Round to whole numbers. Also, record an adjustment for art supplies used in the amount of $2,510 and record interest expense for the note.

3) Prepare an adjusted trial balance. Prepare an income statement, a statement of retained earnings and an unclassified balance sheet. Prepare closing entries.

4) In a one-page memo, provide an explanation to the management team on April's financial performance.