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COMP$3-1($Algo$)$ Recording Journal Entries, Posting Effects to T$-$Accounts, Preparing Unadjusted Financial Statements, and Performing Ratio Analysis LO$1-1,2-4,2-5,3-4,3-5,3-6($GL$)$

In April $2023,$ Sarah Jones created a new business, IthacaDeep, Incorporated, offering therapeutic deep tissue massage for stress reduction, pain management, injury recovery, and relief from muscle strains and tightness experienced by anyone, especially athletes, fitness enthusiasts, runners, and physical laborers. You have been hired to record the transactions occurring in the first month of operations.

Received investment of cash by three organizers and issued to them a total of $220$ shares of $$0\mathrm{.}01$ par value stock with a market price of $$40$ per share.

Borrowed $$20,500$ from a local bank, signing a note due in three years.

Signed a one$-$year lease for a space near a health club, paying $$650$ for April rent and $$1,950$ for rent for May, June, and July.

Purchased equipment costing $$15,250,$ paying $20$ percent in cash and owing the rest on account to the supplier, due in $60$ days.

Ordered a business computer and printer from Dell for $$2,950.$

Loaned $$1,050$ to an employee who signed a note due in three months.

Purchased supplies for $$2,650$ on account.

Paid Facebook $$2,050$ as a budget for advertising. $($Facebook charges the advertiser$$s account per click, drawing down the balance. The average click is $$0\mathrm{.}30.)$

Paid $$2,520$ for $12$ months of insurance coverage, with one$-$twelfth covering April and the rest covering the remainder of the fiscal year $($end of March next year$).$

Purchased short$-$term investments for $$10,400$ cash.

Along with her four other licensed massage therapists, Sarah and her team provided $$42,200$ of deep tissue service to clients in April who paid half in cash and agreed to pay the rest in May.

Paid employees $$18,200$ in wages for work in April.

At the end of April, received a $$320$ utility bill for the use of gas and electric in April. The bill will be paid in May.

Paid $$1,600$ on the long$-$term note owed to the bank $($ignore interest$).$

Earned and received $$36$ in interest on the short$-$term investments.

Sent the team to Boston in April to receive additional specialty training, costing IthacaDeep $$2,150$ cash.

Received $$1,450$ from clients for a series of services to be performed beginning in May.