P3.5 (Effect of Transactions on Accounting Equation) The general ledger of Colourful Corporation, a paint store, had the following balances in its general ledger on May 31, 2012: Cash $8,500 Accounts Receivable $1,400 Inventory $22,050 Equipment $2,500 Accounts Payable $9,600 Common Shares $10,000 Retained Earnings $14,850 The following transactions occurred during June 2012: 1. Collected all, but $800 of the accounts receivable outstanding on May 31. 2. Sold paint that costs $20,500 to customers for $34,000. Of these sales, 80% was for cash and 20% was on credit. 3. Paid the accounts payable outstanding on May 31. 4. Bought paint from a supplier for $18,300, half on credit and half for cash. 5. Paid rent for June of $2,200. 6. Sent out a statement reminding a customer that he still owed $800 from May. 7. Purchased additional equipment for $3,000 with money borrowed from the bank. 8. Took out an advertisement in the local paper for $150. The company will pay for it in July. 9. Paid salaries and wages of $5,500. 10. Paid utilities for June of $550. 11. Paid dividends of S1,000 cash to the owner of the company. Prepare a Statement of Comprehensive Income for June 2012 and Statement of Financial Position at June 30, 2012