PA3-3 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing an Unadjusted Trial Balance, and Determining Net Income and Net Profit Margin (LO 3-1, LO 3-2, LO 3-3, LO 3-4, LO 3-5) Spicewood Stables, Incorporated, was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $310.000 of common stock on April 1. b. Acquired a barn for $192,000. On April 2, the company paid half the amount in cash and signed a three-year note payable for the balance. c. Provided $17.500 in animal care services for customers on April 3, all on credit, d. Rented stables to customers who cared for their own animals: received cash of $16,500 on April 4 for rent earned this month. e. On April 5, received $4,200 cash from a customer to board her horse in May, June and July (record as Deferred Revenue). Purchased and received hay and feed supplies on account on April 6 for $4,500 9. Paid $2,800 on accounts payable on April 7 for previous purchases. h. Received $1,600 from customers on April 8 on accounts receivable. 2. On April 9. prepaid a two year Insurance policy for $4.500 for coverage starting in May, /. On April 28, paid $970 In cash for water and utilities used this month k. Pald $15,600 in wages on April 29 for work done this month. Received an electric utility bill on April 30 for $2,620 for usage in April; the bill will be paid next month. Required: 1. Prepare the journal entry for each of the above transactions. 2. Post the transaction activity from requirement to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. Received contributions from investors and issued $310,000 of common stock on April 1. Record the transaction Prex 2 of 2 Next Journal entry worksheet Prepare an unadjusted trial balance as of April 30. SPICEWOOD STABLES, INCORPORATED Unadjusted Trial Balance Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Buildings Accounts Payable Deferred Revenue Notes Payable (long-term) Common Stock Service Revenue Rent Revenue Utilities Expense Salaries and Wages Expense Total