Pharoah Computer Corporation had the following opening account balances at the end of April: Cash $8,400; Accounts Receivable $9,400; Accounts Payable $3,700; Common Shares $6,700; and Retained Earnings $7,400. It entered into the following transactions during the month of May: 1. Purchased equipment on account for $9,700. 2. Paid $3,300 for rent for the month of May. 3. Provided computer services for $7,200 on account. 4. Paid Ontario Hydro $810 cash for utilities used in May. 5. Borrowed $21,700 from the bank. 6. Paid supplier for equipment purchased in transaction 1. 7. Purchased a one-year accident insurance policy for $960 cash. 8. Received $4,700 cash in partial payment of the account owed in transaction 3. 9. Declared and paid $960 of dividends to shareholders. 10. Paid income tax of $760 for the month. Prepare an equation analysis of the effects of the opening balances and above transactions on the accounting equation. (If a transaction results in decrease in Assets, Liabilities or Shareholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3.18 for example.) Transaction Apr. 30 Bal. 1 2 3. 4. 5. 6. 7. 8. 9. 10. May 31 Bal. Cash $ Assets Accounts Receivable Prepaid Insurance Equij $ $ $ $ $ $ $ Prepare an equation analysis of the effects of the opening balances and above transactions on the accounting equation. (If a transaction results in decrease in Assets, Liabilities or Shareholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3.18 for example.) Equipment $ Liabilities Accounts Payable Bank Loan Payable $ $ 69 $ $ $ Common Shares Prepare an equation analysis of the effects of the opening balances and above transactions on the accounting equation. (If a transaction results in decrease in Assets, Liabilities or Shareholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3.18 for example.) Equipment $ Liabilities Accounts Payable Bank Loan Payable $ $ 69 $ $ $ Common Shares Common Shares fA $ Balance $ Shareholders' Equity Revenues Retained Earnings Expenses $ $ $ $ Balance $ Shareholders' Equity Retained Earnings Revenues +A $ Expenses $ $ $ $ Dividends Declared Determine the total assets and the total liabilities and shareholders' equity. Total Assets $ Total Liabilities and Shareholders' Equity $