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51. Below are the transactions for Cleaning Racer, Inc. for April, the first month of operations. April 1 Borrow$50,000 from the bank by signing a note. April 2 Issue common stock in exchange for cash of $20,000. April 7 Purchase equipment for $40,000 cash. April 10 & Purchase cleaning supplies of $4,000 on account. April 12 Provide services of $5,000 for cash. April 16 Pay employees $1,200 for work performed. April 19 Pay for advertising in a local newspaper, costing $500. April 23 Provide services of $7,000 on account. April 29 Pay employees $1,500 for work performed. April 30 A utility bill of $1,200 for the current month is paid. April 30 Pay dividends of $ 700 to stockholders. Required: 1. Record each transaction. 2. Post each transaction to the appropriate T-accounts. 3. Calculate the balance of each account. 4. Prepare a trial balance for June. Racer uses the following accounts: Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Notes Payable, Common Stock, Dividends, Service Revenue, Salaries Expense, Advertising Expense, and Utilities Expense. Requirement 1 Debit Credit April 1 April 2 April 7 April 10 April 12 April 16 April 19 April 23 April 29 April 30 April 30 Cash Accounts Receivable Supplies Equipment Accounts Payable Notes Payable Common Stock Dividends Service Revenue Salaries Expense Advertising Expense Utilities Expense Requirement 4 Cleaning Racer Inc. Trial Balance June 30 Debit Credit Account Title Cash Accounts Receivable Supplies Equipment Accounts Payable Notes Payable Common Stock Dividends Service Revenue Salaries Expense Advertising Expense Utilities Expense Totals

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