Question 1 [40 points] Courtland Corp. began operations on April 1, 2014, and showed the following account balances at April 30. Cash: $37,500; Accounts Receivable: $4,300; Prepaid Rent: $2,500; Equipment: $2,200; Accounts Payable: $4,800; Share Capital: $33,800; Dividends: $4,800; Consulting Revenue Earned: $15,000; Utilities Expense: $2,300. The following transactions occurred during May. a. May 1 : Kelly Young (a shareholder), received share capital in Courtland Corp., after investing $20,000 cash and $35,000 worth of equipment in Courtland Corp. b. May 3: Courtland Corp. provided $3,750 of consulting services for a customer who will pay within 30 days. c. May 4: Courtland Corp. purchased $2,750 of equipment on credit. d. May 6 : Courtland Corp. received this month's water utilities bill today and paid it immediately; $150. e. May 8: Provided consulting services to a customer and collected $200. f. May 9 : Courtland Corp. purchased new equipment by paying $2,750 cash. g. May 12: Courtland Corp. received $2,600 towards payment for the services provided in transaction (b). h. May 13 : Courtland Corp. bought $2,500 of equipment, using $500 cash and $2,000 on account. i. May 16 : Courtland Corp. paid $1,400 towards the bill from transaction (h). j. May 19 : Courtland Corp. received a bill today for this month's electrical utilities; $450. It will be paid within 30 days. Enter each account balance as of April 30 in the appropriate T-account, and then record the transactions by entering the debit and credit entries directly in the T-accounts. Use the date for each transaction to identify the entries, placing the date in the left-hand cell and the amount in the right-hand cell of the appropriate side of the T-account. Then determine the balance of each account, and write 'Balance' (or 'Bal') next to it, in the left-hand cell on the appropriate side. Cash Accounts Receivable Prepaid Rent Equipment Accounts Payable Share Capital Dividends Consulting Revenue Earned Utilities Expense