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$4,15$:$32$

$2-2$B $-$ Basic Journal Entries, T$-$Accounts, Trial Balance $-$ New Company

Sandy Bell opened a "Zip Line" eco$-$adventure park in July. The following transactions occurred in the first month of operations:

July $1$ Sandy invested $$1,000$ cash in exchange for $50$ common shares.

July $1$ Purchased equipment on account $-$ $$15,000$ due August $1.$

July $2$ The company borrowed $$25,000$ in the form of a long$-$term bank loan. The money was planned to pay off the equipment loan.

July $5$ Purchased insurance for the year: paid $$8,000$ cash. $($Note this amount should not be expensed as it represents an asset to the company.

July $8,$ Paid off equipment purchased on July $1.$

July $9$ Took first group through an adventure tour. Collected $$1,000$ cash.

July $12$ Purchased fuel: $$500$ cash.

July $16$ Purchased supplies: $$100$ cash.

July $18$ Sandy took a cash dividend of $$1,000$ to pay for personal expenses.

July $20$ Received but did not pay the telephone bill, $$200.$

July $21$ Took another tour group out. Billed the group $$2,000.$ Payment has not yet been received.

July $26$ Received a utilities bill: $$250.$ Did not pay yet.

July $28$ Took out a tour group. Received payment in full: $$1,500.$

July $31$ Paid employees's salaries of $$3,000.$

Required:

a$.)$ Record all necessary journal entries based on the transactions above.