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COMP3-1 (Algo) Recording Journal Entries, Posting Effects to T-Accounts, Preparing Unadjusted Financial Statements, and Performing Ratio Analysis LO1-1, 2-4, 2-5, 3-4, 3-5, 3-6 In April 2019, Sarah Jones created a new business, IthacaDeep, Inc., offering therapeutic deep massage for stress reduction, pain management, injury recovery, and relief from muscle strains and tightness experienced by anyone, especially athletes, fitness enthusiasts, runners, and physical laborers. You have been hired to record the transactions occurring in the first month of operations. a. Received investment of cash by three organizers and issued to them a total of 440 shares of $0.05 par value stock with a market price of $40 per share. b. Borrowed $26,000 from a local bank, signing a note due in three years. c. Signed a one-year lease for a space near a health club, paying $1,200 for April rent and $3,600 for rent for May, June, and July. d. Purchased equipment costing $15,800, paying 20 percent in cash and owing the rest on account to the supplier, due in 60 days. e. Ordered a business computer and printer from Dell for $3,500. f. Loaned $1,600 to an employee who signed a note due in three months. g. Purchased supplies for $3,200 on account. h. Paid Facebook $2,600 as a budget for advertising. (Facebook charges the advertiser's account per click, drawing down the balance. The average click is $0.52.) i. Paid $3,840 for 12 months of insurance coverage, with one-twelfth covering April and the rest covering the remainder of the fiscal year (end of March next year). j. Purchased short-term investments for $14,800 cash. k. Along with her four other licensed massage therapists, Sarah and her team provided $44,400 of deep tissue service to clients in April who paid half in cash and agreed to pay the rest in May. 1. Paid employees $20,400 in wages for work in April. m. At the end of April, received a $430 utility bill for the use of gas and electric in April. The bill will be paid in May. n. Paid $2,700 on the long-term note owed to the bank (ignore interest). o. Earned and received $37 in interest on the short-term investments. p. Sent the team to Boston in April to receive additional specialty training, costing IthacaDeep $2,700 cash. q. Received $2,000 from clients for a series of services to be performed beginning in May. Required: 1. Prepare journal entries for each transaction. 2. Post the effects of the transactions to the T-accounts. 3. Prepare an unadjusted trial balance for IthacaDeep, Inc., at the end of April. 4. Prepare an unadjusted classified income statement, statement of stockholders' equity, and classified balance sheet from the trial balance created in requirement (3) above. 5. Compute the following ratios: (1) current ratio and (2) net profit margin ratio. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Reg 3 Req 4a Reg 4b Reg 4c Reg 5 Post the effects of the transactions to the T-accounts. Cash Short-Term Investments Beg Beg. End. Bal. End. Bal Accounts Receivable Supplies Beg. Beg. End. Bal End. Bal. Prepaid Expenses Short-Term Note Receivable Beg. Beg. End. Bal. End. Bal Equipment Accounts Payable Beg. Beg. End. Bal End. Bal. Utilities Payable Unearned Revenue Beg. Beg. End. Bal End. Bal. Utilities Payable Unearned Revenue Beg. Beg. End. Bal. End. Bal. Long-Term Note Payable Common Stock Beg. Beg. 0 End. Bal. 0 End. Bal. Additional Paid-in Capital Retained Earnings Beg. Beg. End. Bal. 0 End. Bal. Service Revenue Interest Revenue Beg. Beg. End. Bal. End. Bal. Wages Expense Training Expense Beg. Beg. End. Bal. End. Bal. Insurance Expense Rent Expense Beg. Beg. End. Bal. End. Bal. Utilities Expense Beg. End. Bal. 0