Pharoah Computer Corporation had the following opening account balances at the end of April: Cash $5,500; Accounts Receivable $8,000; Accounts Payable $3,000; Common Shares $5,000; and Retained Earnings $5,500. It entered into the following transactions during the month of May: 1. Purchased equipment on account for $7,600. 2. Paid $1,800 for rent for the month of May. 3. Provided computer services for $4,200 on account. 4. Paid Ontario Hydro $300 cash for utilities used in May. 5. Borrowed $19,700 from the bank. 6. Paid supplier for equipment purchased in transaction 1. 7. Purchased a one-year accident insurance policy for $500 cash. 8. Received $3,500 cash in partial payment of the account owed in transaction 3. 9. Declared and paid $500 of dividends to shareholders. 10. Paid income tax of $250 for the month. Prepare an equation analysis of the effects of the opening balances and above transactions on the expanded accounting equation. (If a transaction causes a 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 Faulty item that was reduced See Illustration 33 for example) Question 1 of 4 -/4 E Prepare an equation analysis of the effects of the opening balances and above transactions on the expanded accounting equation. (If a transaction causes a 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 3.3 for example.) Transaction Apr. 30 Bal. $ 1. 2. 3. 4. 5. 6 7 Cash Assets Accounts Receivable: Prepaid Insurance $ $ $ MacBook Air Equipment Liabilities Accounts Payable Bank Loan Payable Common Shares +A 1A Shareholders' Equity Retained Earnings Balance Revenues Expenses Dividends Declared $ $ $ MacBook Air Determine the total assets and the total liabilities and shareholders' equity. Total Assets Total Liabilities and Shareholders' Equity $ 1A $