In August 2023, Supreme Athletics was established in Lafayette, LA to provide top of the line athletic
Fantastic news! We've Found the answer you've been seeking!
Question:
In August 2023, Supreme Athletics was established in Lafayette, LA to provide top of the line athletic equipment to local athletes. Luke Scott and Makenzie Lee are the major stockholders in the corporation.
August 1 Stockholders (Scott & Lee) invested $120,000 cash in the business.
3 Paid cash for equipment for use in the business for $12,000.
6 Hired Silas Johnson as a salesperson.
13 Purchased supplies for $2,600 on account.
17 Paid $8,000 for a one-year insurance policy to begin on September 1.
20 Paid $3,000 to advertise the opening of their business.
26 Sold $16,000 of athletic equipment on account. The cost of the equipment sold was $9,500.
Date | Account Titles | Ref | Debit | Credit |
Related Book For
Entrepreneurship Successfully Launching New Ventures
ISBN: 9780132555524
4th Edition
Authors: Bruce R. Barringer, R. Duane Ireland
Posted Date: