Once you have completed the assignment below, you must submit your answers using the answer sheet provided in Canvas; not all answers will be turned in and not all answers will be graded. Once submitted, your answers cannot be changed, but where appropriate, partial credit will be given. For future reference, you should keep a copy of your answers $($outside of Canvas$)$ as they will not be available to view given the nature of the grading process.

The Gutierrez Corporation had the following tabular analysis, using the same abbreviations as those used in class:

Required:

$1.$ Record each of the following transactions$/$events in the tabular analysis above including the date of each transaction as well as descriptions of amounts in the Cash and R$/$E columns.

$1-$Mar Borrowed $\backslash (\backslash$$ $35,000\backslash )$ from a bank.

$1-$Mar Purchased equipment for $\backslash (\backslash$$ $36,360\backslash )$; management expects it will be useful for $8$ years at which time it should be worth $\backslash (\backslash$$ $1,800\backslash ).$

$1-$Mar Performed $\backslash (\backslash$$ $45,500\backslash )$ of consulting services for customers.

$1-$Mar Purchased a four month insurance policy for $\backslash$$$1,000.$

$1-$Mar Paid rent of $\backslash (\backslash$$ $2,800\backslash )$ for administrative office space for the month.

$6-$Mar Received $\backslash (\backslash$$ $750\backslash )$ from customers for services previously performed on account.

$10-$Mar Purchased supplies for $\backslash (\backslash$$ $610\backslash )$ on account.

$12-$Mar Paid advertising of $\backslash (\backslash$$ $575\backslash ).$

$18-$Mar Performed $\backslash (\backslash$$ $20,800\backslash )$ of services for customers on account.

$22-$Mar Received $\backslash (\backslash$$ $1,200\backslash )$ from a customer for services sold in advance.

$24-$Mar Received and paid utility bill of $\backslash (\backslash$$ $875\backslash ).$

$25-$Mar Made $\backslash (\backslash$$ $2,400\backslash )$ payment on bank loan.

$26-$Mar Performed $\backslash (\backslash$$ $650\backslash )$ of services that were previously sold in advance.

$28-$Mar Paid for supplies purchased on March $10$th$.$

$31-$Mar Paid dividends of $\backslash (\backslash$$ $800\backslash ).$

$31-$Mar Paid employee payroll of $\backslash (\backslash$$ $8,950\backslash ).$

$31-$Mar Supplies on hand reported at $\backslash (\backslash$$ $260\backslash ).$

$2.$ Use the resulting tabular analysis to prepare an income statement, statement of retained earnings, balance sheet and statement of cash flows for March.

$3.$ If the equipment were sold for $\backslash (\backslash$$ $32,000\backslash )$ on April $\backslash (1^\{\backslash$text $\{$st $\}\}\backslash )$ of the same year, record the necessary transaction.