Inflatable Fun For All is your own business. You own two inflatable bouncy castles. Kids love them! You keep them in a rented garage and drive your own truck to parks and neighbourhood special events. You use your own cell phone to take reservations for private parties and events.. Your first summer month's transactions are listed below. May 1 You set up a bank account and acquire a business credit card. The bank will charge you a fee of $12 at the end of each month. May 2 You borrow $4,000 from the bank. May 3 May 4 May 51 May 6 May 7 May 8 May 10 You deposit $3,000 of your own money into the business bank account. You rent a garage for the next six months for $400 per month, paying the full amount now. You register your business name for $60 with Service Ontario, using the business credit card. You purchase, using your business credit card, supplies for $500 plus HST. You purchase, using your business credit card, two portable generators for $1,500 each from Softie Supply. HST is included. You buy a one-year liability insurance policy for $2,400, plus 8% tax. paying cash. You purchase for $200 cash, plus HST, 150 colour flyers to advertise your business. You haven't used any yet. May 11 You pay a student $60 cash to distribute half of your flyers. You gave a quotation to a prosprecive block party organizer, to see if he liked it May 12 and would recommend you. You would normally have asked for a $100 deposit, but as you are just starting out, you didn't do that this time. May 15 Two more customers hire you to set up at their events. You will charge them each $500, and they each give you a deposit of $100. May 27 Business is blowing uo! You have so far collected $2,000 in cash from happy party-goers. May 28 You now have only $150 worth of supplies left. May 31 One month's rent on your garage has expired. May 31 You received your cell phone bill for the month. Of the $80, three-quarters (ie. 75%) was business calls. You will pay it next month. May 31 One month of your insurance policy has expired. May 31 The bank takes its monthly charge from your account, plus an additional $16 for interest on your loan May 31 1 One of your May 15 customers held his event today. He will pay you his balance next week. The other customer's party is next weekend. May 31 You pay four-fifths (ie. 80%) of the balance owing on your business credit card. You will pay the rest next month Record the transactions into the expanded accounting equation using account names. Use that information to answer all of the following questions.