Sunland Computer Corporation had the following opening account balances at the end of April: Cash $5,000; Accounts Receivable $8,000; Accounts Payable $2,500; Common Shares $5,000; and Retained Earnings $5,500. It entered into the following transactions during the month of May: 1. 2. 3. 4. 5. Purchased equipment on account for $8,400. Paid $1,400 for rent for the month of May. Provided computer services for $4,000 on account. Paid Ontario Hydro $500 cash for utilities used in May. Borrowed $19,900 from the bank. Paid supplier for equipment purchased in transaction 1. Purchased a one-year accident insurance policy for $500 cash. Received $2,500 cash in partial payment of the account owed in transaction 3. Declared and paid $500 of dividends to shareholders. Paid income tax of $250 for the month. 6. 7. 8. 9. 10. Prepare an equation analysis of the effects of the opening balances and above transactions on the expanded accounting equation. (If a transaction causes a decrease in Assets, Liabilities or Shareholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3.3 for example.) Cash Transaction Accounts Receivable Prepaid Insurance TA $ $ $ Apr. 30 Bal. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. $ $ $ $ May 31 Bal. Equipment Bank Loan Payable Accounts Payable + Common Shares $ $ $ $ $ $ + Balance Revenues Expenses Dividends Declared . $ $ $ 5 $ $ $ Determine the total assets and the total liabilities and shareholders' equity. Total Assets $ Total Liabilities and Shareholders' Equity $