Valet Cleaners, Inc., was formed by bachelor's degree students from Bear University on April 1, 2018. Those students had little accounting experience. They need your help. 1) On the attached spreadsheet, record the events below, where appropriate. If an event is not to be recorded, notate No Entry. And, 2) Complete your records with financial statements: multi-step income, retained earnings, cash flow, and financial position (aka balance sheet) in classified form. Apr. 1 Valet issued 10,000 shares of common stock and received $15,000. 2 Valet signed a property rental lease at $500 per month, payable at end of month. 3 Valet purchased cleaning equipment priced at $8,000, paying $3,000 cash and financed the balance on a note payable with interest due in 5 years; interest accrues at 6% per year, recorded monthly. Purchased $1,200 of cleaning supplies on an account with monthly payments. 5 Paid $2,400 for 1-year's insurance coverage of liability and business interruption. 16 Paid $400 of the amount owed on cleaning supplies purchased on April 4. 27 Collected $2,300 for the first month's cleaning services to counter customers. 28 Mailed bills to commercial customers for $3,200 of cleaning services on account. 29 Paid $500 for property lease signed April 2. 30 Computed $200 of depreciation on cleaning equipment for April. 30 Received a "Thank You card from the insurance company for the 1-year policy; only 11 months of coverage remain on the policy. 30 Counted $300 of cleaning supplies which remained on hand at April 30. 30 Received a statement reminding Valet that the note and interest are due to the equipment supplier in 59 months. 30 One owner reminded cohorts that Valet should avoid tax problems with the IRS. A reasonable estimate is that Valet incurred $1,000 of taxes in April, but no taxes will be paid until March 15, 2019. 30 Owners declared and had Valet pay an $800 dividend. 30 One undergraduate owner feared that the cleaning business might not be successful. He sold his 2,000 shares to an MBA student for $2,500. 20 E1 Name Income Statement Statement of Retained Earnings Event TA Name or Discussion # SCF Class Cash Account Prepaid Supplies Equip- Recevbl Insuranc ment Accum Deprn Account Accrued Note Payab'l Payab'l Payab'l 4/01 issue stock 4/02 signed lease 4/03 buy Equipment 4/04 buy supplies 4/05 paid 1-yr insurance 4/16 paid on account 4/27 collected on service 4/28 billed customers 4/29 paid lease 4/30 depreciated equipment 4/30 insurance expires 4/30 supplies used 4/30 interest due 4/30 estimated taxes 4/30 paid dividend 4/30 owner sold stock End TOTALS Comon Retain'd Inc/RE Stock Earning Class