Chapter 2 (Accounting Cycle Steps 2, 3, & 4) ACCOUNTING CYCLE STEP 2: Journalize each of the following Blue Raider Adventure Park (BRAP) transactions in the general journal; you may omit explanations. Use the general journal working papers in your packet. ? August 1 Matt opens a business checking account in the name of BRAP and makes an initial deposit of $5,000. att had previously withdrawn this $5,000 from his rsonal savings account. August 1 Matt is unable to borrow money from the local bank given his youth, lack of business experience, and lack of a substantial credit history. However, his grandfather fully supports Matt's efforts to become an entrepreneur, so he loans Matt S7,000 at 6% interest to be repaid in two years. Matt deposits these funds into the BRAP checking account August 7 Matt goes to Play It Again Sports and pays $1,925 to purchase gently used canoes, paddles lifejackets, ziplining harnesses, etc. to be used the park. (These items will collectively be identified as "Equipment" in the accounting records purchases a large, attractive sign for the new park at a cost of $750. The sign maker knows Matt August 15 August 20 August 28BRAP pays a total of $5,620 to have the child-appropriate obstacle and zipline courses constructed that family, so she agrees to extend credit to BRAP for 30 days BRAP pays $300 to create, print, and distribute flyers to all the local schools and youth organizations to advertise that the new park will open on September 1. same day; inspection and certification are included in these amounts. (These two courses will collectively be identified as Activity Courses in the accounting records.) September 1Matt recognizes the fact that he could be sued if a child gets hurt in the park, so BRAP pays $615 to September 7Matt establishes a 30-day credit account at a local business on behalf of BRAP. He immediately uses September 10 BRAP sells 60 tickets for $15 each to local school children for admission to the park on that same day September 14 BRAP pays for the sign purchased on August 15 purchase 3 months of general liability insurance for coverage from September 1 thro the account to purchase $460 in various supplies for the park (All ticket sales by BRAP are cash sales unless otherwise noted.) November 30 September 17 The Boys and Girls Club of Rutherford County brings 80 disadvantaged children to BRAP. Matt agree to accept a reduced price of $12.00 per ticket and wait 30 days to receive payment, which will be paid by the Club rather than by the children. September 18 BRAP pays $75 to have the grass mowed at the park. September 22 BRAP sells 45 tickets for $15 each for children in two local Boy Scout troops for admissio September 24 BRAP receives a check from the Boys and Girls Club of Rutherford County in the amount of $A50 t September 25 BRAP pays wages in the amount of $365 to two of Matt's friends who worked on days when children on that same d partially pay for the tickets purc on r 17 re in the park to assist the children with the various activities. so he writes himself a company check for $800 and deposits it into his own personal checking accoun her 2od graders. She plans to bring them to BRAP for a field trip on October 3 September 28 Matt is satisfied that BRAP has more than a sufficient amount of operating September 30 BRAP receives a check in the amount of $345 from Ms. Hughes, a local teacher, to purchase tickets for