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8. Wong Computer Corporation had the following opening account balances at the end of April:...

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Accounting

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8. Wong Computer Corporation had the following opening account balances at the end of April: Cash $5,000; Accounts Receivable $6,000; Accounts Payable $2,000; Common Shares $5,000; and Retained Earnings $4,000. It entered into the following transactions during the month of May: 1. Purchased equipment on account for $8,000. 2. Paid $1,600 for rent for the month of May. 3. Provided computer services for $3,800 on account. 4. Paid Ontario Hydro $300 cash for utilities used in May. 5. Borrowed $20,000 from the bank. 6. Paid supplier for equipment purchased in transaction 1. 7. Purchased a one-year accident insurance policy for $500 cash. 8. Received $3,000 cash in partial payment of the account owed in transaction 3 . 9. Declared and paid $500 of dividends to shareholders. 10. Paid income tax of $250 for the month. Prepare an accounting equation analysis of the effects of the opening balances and above transactions on the accounting equation. What is the ending balance of A/R

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