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Question 8 [40 points] Oppong Corporation began operations on May 1, 2014, and showed the following account balances at May 31. Cash: $47,500; Accounts Receivable: $2,800; Supplies: $2,300; Prepaid Rent: $2,900; Accounts Payable: $6,700; Share Capital: $44,600; Dividends: $1,400; Consulting Revenue Earned: $6,800; Utilities Expense: $1,200. The following transactions occurred during June. a. June 1: Carrie Ford (a shareholder), received share capital in Oppong Corporation, after investing $45,000 cash into the business. b. June 2: Oppong Corporation used $200 cash and $700 credit to purchase $900 of supplies. c. June 5: $400 of supplies purchased on credit in transaction (b) were found to be defective. They were returned. d. June 6: Oppong Corporation provided $3,500 of consulting services for a customer who will pay within 30 days. e. June 7: Oppong Corporation paid $100 for this month's utilities bill received today. f. June 9: Oppong Corporation returned $200 of defective supplies today that were originally purchased for cash. g. June 12: Oppong Corporation received $1,800 towards payment for the services provided in transaction (d). h. June 13: Oppong Corporation spent $400 cash on supplies. i. June 16: Performed consulting services today and collected $500. j. June 17: Oppong Corporation purchased $200 of supplies on credit. Enter each account balance as of May 31 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 Prepaid Rent Dividends Accounts Receivable Accounts Payable Consulting Revenue Earned Supplies Share Capital Utilities Expense