Pharoah Computer Corporation had the following opening account balances at the end of April: Cash $4,000; Accounts Receivable $6,000; Accounts Payable $2,500; Common Shares $5,000; and Retained Earnings $2,500. It entered into the following transactions during the month of May: 1. Purchased equipment on account for $8,400. 2. Paid $1,200 for rent for the month of May. 3. Provided computer services for $4,200 on account. 4. Paid Ontario Hydro $400 cash for utilities used in May. 5. Borrowed $20,100 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 $2,500 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