4/2 4/3 HW Problem 1.1 - Given the following transactions A) record the transactions in Excel & B) use the ending balances to prepare an income statement, statement of retained earnings, and balance sheet. Lyle Lovett invested $90,000 into Houston Music Corp (HMC) in exchange for common stock. HMC completed $15,000 of services on account (credit) for Country Records. 4/4 HMC paid $2,000 to purchase supplies from Music Barn. 4/5 HMC purchased $50,000 of recording equipment on account (credit). 4/7 4/9 HMC provided services to Capitol Record Co. and received $40,000. HMC paid $4,000 for April rent. 4/13 HMC received $15,000 from Country Records for services performed 4/3. 4/14 4/20 4/21 HMC placed an advertisement in Country Weekly magazine and received a bill for $2,200. HMC paid $50,000 for the recording equipment purchased on account 4/5. HMC received a $500 invoice from ADT for April security services. 4/22 HMC paid $340 for this month's utilities. 4/25 4/28 4/29 HMC received $35,000 for services provided Bluegrass Records. HMC paid $12,000 in dividends. HMC paid $8,000 wages to backup artists.