The following transactions occur for Cardinal Music Academy during the month of October:
a. Provide music lessons to students for $7,000 cash.
b. Purchase prepaid insurance to protect musical equipment over the next year for $3,000 cash.
c. Purchase musical equipment for $10,000 cash.
d. Obtain a loan from a bank by signing a note for $10,000.
Record the transactions. The company uses the following accounts: Cash, Prepaid Insurance, Equipment, Notes Payable, and Service Revenue. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
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