The Crockett Corporation had the following tabular analysis, using the same abbreviations as those used in class:

Required:

$1.$ Record each of the following transactions$/$events in the tabular analysis above including the date of each transaction as well as descriptions of amounts in the Cash and R$/$E columns.

$4/1$ Borrowed $$2500$ from a bank.

$4/1$ Purchased a six month insurance policy for $$1,980.$

$4/1$ Purchased equipment for $$3,600$ on account; management expects it

will be useful for five years at which time it should be worth $$1,200.$

$4/3$ Performed $$3,400$ of consulting services for customers on account.

$4/6$ Services previously sold in advance for $$800$ were preformed.

$4/9$ Paid advertising of $$350.$

$4/15$ Purchased supplies of $$190.$

$4/20$ Performed $$900$ of services for customers.

$4/25$ Received a utility bill for $$275$; will be paid next month.

$4/28$ Received $$600$ from customers on account.

$4/29$ Made payment on bank loan of $$700.$

$4/30$ Paid $$550$ in dividends to owners.

$4/30$ Paid employee payroll of $$3,500.$

$4/30$ Supplies on hand reported at $$230.$

$2.$ Use the resulting tabular analysis to prepare an income statement, statement of retained earnings, balance sheet and statement of cash flows for the month.

$3.$ If the equipment were sold for $$3,400$ on May $1$st record the necessary transaction.