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Splcewood Stables, Incorporated, was established In Dripping Springs, Texas, on Aprll 1. The company provides stables, care for anImals, and grounds for ridng and showing horses. You have been hired as the new assistant controller. The following transactions for Aprll are provided for your review. a. Recelved contributions from Investors and Issued $200,000 of common stock on April 1 . b. Acquired a barn for $142,000. On Aprll 2 , the company pald half the amount In cash and signed a three-year note payable for the balance. c. Provlded $16,000 in anlmal care services for customers on Aprll 3, all on credit. d. Rented stables to customers who cared for thelr own animals; recelved cash of $13,000 on Aprll 4 for rent earned this month. e. On Aprll 5, recelved $1,500 cash from a customer to board her horse In May, June, and July (record as Deferred Revenue). f. Purchased and recelved hay and feed supplies on account on Aprll 6 for $3,000. g. Pald $1,700 on accounts payable on Aprll 7 for prevlous purchases. h. Recelved $1,000 from customers on Aprll 8 on accounts recelvable. I. On Aprll 9, prepald a two-year Insurance policy for $3,600 for coverage starting In May. J. On April 28 , pald $800 in cash for water and utllitles used this month. k. Pald $14,000 in wages on Aprll 29 for work done this month. I. Recelved an electric utility bill on Aprll 30 for $1,200 for usage In April; the bill will be pald next month. Required: 1. Prepare the Journal entry for each of the above transactions. 2. Post the transaction actlivity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trial balance as of April 30. 4-a. Refer to the revenues and expenses shown on the unadjusted trlal balance. Based on this information, calculate preliminary net Income and net profit margin. 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor. Complete this question by entering your answers in the tabs below. Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this information, calculate preliminary net income and net profit margin. (Round your Net Profit Margin answer to 1 decimal place.) a. Kecelved contributions trom Investors and Issued $200,000 of common stock on Aprill 1. b. Acquired a barn for $142,000. On Aprll 2 , the company pald half the amount In cash and signed a three-year note payable for the balance. c. Provlded $16,000 in animal care services for customers on April 3, all on credit. d. Rented stables to customers who cared for their own anImals; recelved cash of $13,000 on Aprll 4 for rent earned this month. e. On Aprll 5, recelved $1,500 cash from a customer to board her horse In May, June, and July (record as Deferred Revenue). f. Purchased and recelved hay and feed supplies on account on Aprll 6 for $3,000. g. Pald $1,700 on accounts payable on Aprll 7 for prevlous purchases. h. Recelved $1,000 from customers on Aprll 8 on accounts recelvable. I. On Aprll 9, prepald a two-year Insurance policy for $3,600 for coverage starting In May. J. On April 28 , pald $800 in cash for water and utllitles used this month. k. Pald $14,000 in wages on Aprll 29 for work done this month. I. Recelved an electric utllity bill on Aprll 30 for $1,200 for usage In April; the bill will be pald next month. Required: 1. Prepare the joumal entry for each of the above transactions. 2. Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trlal balance as of April 30. 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance. Based on this Information, calculate preliminary net Income and net profit margin. 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor. Complete this question by entering your answers in the tabs below. Prepare an unadjusted trial balance as of April 30

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