Prepare an equation analysis of the effects of the opening balances and above transactions on the account equation

ROTATE IMAGE ^

Determine the total assets and the total liabilities and shareholders' equity.

Total assets =

Total Liabilities and shareholders Equity =

Wildhorse Computer Corporation had the following opening account balances at the end of April: Cash $7,200; Accounts Receivable $8,200; Accounts Payable $3,100; Common Shares $6,100; and Retained Earnings $6,200. It entered into the following transactions during the month of May: 1. Purchased equipment on account for $9,100. 2. Paid $2,700 for rent for the month of May. 3. Provided computer services for $6,000 on account. 4. Paid Ontario Hydro $630 cash for utilities used in May. 5. Borrowed $21,100 from the bank. 6. Paid supplier for equipment purchased in transaction 1. 7. Purchased a one-year accident insurance policy for $840 cash. 8. Received $4,100 cash in partial payment of the account owed in transaction 3 . 9. Declared and paid $840 of dividends to shareholders. 10. Paid income tax of $580 for the month. Assets Transaction Apr. 30 Bal. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. May 31 Bal. Cash Accounts Receivable $ $ Prepaid Insurance $ Equip $ Shareholders' Equity Retained Earnings Balance