In each of the transactions described below for Maxs Golf Academy in May 2018, describe how this would be recorded in the companys financial statement impact template. See the example in a. below. Regular Entries: a. On May 1, Maxs Golf Academy borrows $10,000 at 4% interest from a local bank. Interest is payable in total at the time of the loan maturity (4 years). Answer: Cash increases $10,000; Note Payable increases $10,000 b. Maxs Golf Academy delivers $400 in lessons on May 15, 2018 to customers on account. c. Maxs Golf Academy purchases a new range ball dispensing machine for $950 cash on May 1, 2018. d. On May 20, 2018 Maxs Golf Academy buys $800 in golf shoes that they intend to sell in the pro shop. They pay for this in cash. e. On May 21, 2018 Maxs Golf Academy receives $250 cash for golf lessons to be delivered in a golf camp in July.Adjusting Entries: It is now May 31, 2018 and Maxs Golf Academy needs to make adjusting entries before preparing financial statements for May. a. Maxs Golf Academy owes its employees 4 days of wages totaling $1300 as of May 31. Employees wont be paid these wages until June 4. b. Maxs Golf Academy has incurred $50 of depreciation for use of their equipment/machines in May. c. Maxs Golf Academy has incurred 1 month of interest expense.