Bechler Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Bechler Sports is owned and operated by Lefty Wisman, a well-known sports enthusiast and hunter. Lefty’s wife, Betsy, owns and operates Eagle Boutique, a women’s clothing store. Lefty and Betsy have established a trust fund to finance their children’s college education. The trust fund is maintained by First Montana Bank in the name of the children, Jeff and Steph. For each of the following transactions, identify which of the entities listed should record the transaction in its records.
Entities__________________________
B ....... Bechler Sports
F ....... First Montana Bank
E ....... Eagle Boutique
X ....... None of the above
1. Lefty paid a local doctor for his annual physical, which was required by the workmen’s compensation insurance policy carried by Bechler Sports.
2. Lefty received a cash advance from customers for a guided hunting trip.
3. Betsy purchased two dozen spring dresses from a Billings (MT) designer for a special spring sale.
4. Betsy deposited a $2,000 personal check in the trust fund at First Montana Bank.
5. Lefty paid for an advertisement in a hunters’ magazine.
6. Betsy purchased mutual fund shares as an investment for the children’s trust.
7. Lefty paid for dinner and a movie to celebrate their twentieth wedding anniversary.
8. Betsy donated several dresses from inventory for a local charity auction for the benefit of a women’s abuse shelter.
9. Betsy paid her dues to the YWCA.
10. Lefty paid a breeder’s fee for an English springer spaniel to be used as a hunting guide dog.