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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 $1,000 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.P4.7 (Recording of Transactions) Kazam Services begins the month with capital of $200,000 and the following assets and liabilities: Assets Liabilities Property, plant, and equipment $500,000 Bank overdraft $ 35,000 Accounts receivable $125,000 Accounts payable $ 90,000 Long-term loan $300,000 The following transactions took place in the accounting records of the business during the past month: . Took out long-term loan for new building: $150,000 . Received from debtors: $45,000 . Paid to creditors; $30,000 . Invoiced customers for services carried out: $70,000 . Paid salaries: $15,000 . Paid various office expenses: $5,000 In addition, depreciation of $20,000 was provided for the period. a. Produce a schedule of transactions under appropriate headings for each account. b. Total each account and produce a statement of comprehensive income and statement of f nancial position