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Question 3 of 5 View Policies Current Attempt in Progress Le Petit Croissant Ltd. (LPC) is a wholesale bakery that supplies flash frozen croissants to restaurants, hotels, and other commercial customers. LPC began operating in August 2020 and had the following transactions in its first month: Aug. 19 14 25 12 26 29 31 8 3 1 1 -/1 E LPC issued 35,000 common shares to its two founding shareholders in exchange for $300,000 in cash and equipment valued at $50,000. *** The company borrowed $180,000 from the Commercial Bank at an interest rate of 6%. The borrowing agreement terms state that the loan is to be repaid at the end of each month in the amount of $2,000 per month plus interest. (Use Bank Loan Payable) In order to access a commercial kitchen, LPC leased the site of a former restaurant, paying $5,200, of which $2,600 represented the rent for August and the balance was a damage deposit. LPC purchased flour and other ingredients costing $31,200 on account. LPC paid $6,000 to a local marketing company for its logo design and media planning services. LPC recorded its sales of the first two weeks of the month. Total sales (half in cash and half on account) amounted to $53,000, and the inventory related to these sales was determined to have a cost of $17,800. Paid the suppliers $25,200 for goods previously purchased on account. Collections from customers on account totalled $22,000. LPC purchased additional inventory (flour and so on) on account for $22,200. LPC received an invoice from its natural gas supplier for $2,800, which is payable on September 14. LPC recorded the sales for the balance of the month. Sales for this period totalled $60,800, of which $18,000 was on account. The cost of the ingredients from inventory related to these sales amounted to $20,700.

(To record the borrowines) Ane:-3 Aug. 14 (To record sale of goods) (To recent wie of goods) (Torecoed the cost) (lo recond wages paid to employees) Aug 31 (To record payment of loan) (To record devidend declared) eTextbook and Media Assistane Question a ors September 14. 31. LPC cecorded the sales for the balance of the month sates for this period totalied 560.300 of which \\( \\$ 16,000 \\) was on accourt. The cost of the ingredients from invencorvelated to these sales amounted to \\( \\$ 20,700 \\). 31 LPC's 6 fult-time employees were paid 53,200 each in wages for the month. 31 LPC made the loan payment required under the terms of the borrowing agrecment \\( 31 L \\) LPC s board of directors declared a dividend of \\( \\$ 1,00 \\) per share to the holders of the company's commonshares. Prepare all necessary journal entries related to the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select \"No Entry\" for the account titles and enter o for the amounts.) Bate : Acceunt Tifles and Explanation Debit ug. 1 (To record the issuance of shares) (To record the borrowings) ug, 3 (To resurat sale or goods) (To record the cose) Aug. 31 Question 3 of 5 Viow Policies Current Attempt in Progress Le Petit Croissant Ltd. (L.PC) is a wholesale bakery that supplies flash frozen croissants to restaurants, hotels, and other commercial customers. L.PC began operating in August 2020 and had the following transactions in its first month: Aug. 1 LPC issued 35,000 common shares to its two founding shareholders in exchange for \\( \\$ 300,000 \\) in cash and equipment valued at \\( \\$ 50,000 \\). 1 The company borrowed \\( \\$ 180,000 \\) from the Commercial Bank at an interest rate of \6. The borrowing agreement terms state that the loan is to be repaid at the end of each month in the amount of \\$2,000 per month plus interest. (Use Bank Loan Payable) 3 In order to access a commercial kitchen, LPC leased the site of a former restaurant, paying \\( \\$ 5,200 \\), of which \\( \\$ 2,600 \\) represented the rent for August and the balance was a damage deposit. 8. LPC purchased flour and other ingredients costing \\( \\$ 31,200 \\) on account. 12 LPC paid \\( \\$ 6,000 \\) to a local marketing company for its logo design and media planning services. 14 LPC recorded its sales of the first two weeks of the month. Total sales (half in cash and half on account) amounted to \\$53,000, and the inventory related to these sales was determined to have a cost of \\( \\$ 17,800 \\). 19 Paid the suppliers \\( \\$ 25,200 \\) for goods previously purchased on account. 25 Collections from customers on account totalled \\( \\$ 22,000 \\). 26 LPC purchased additional inventory (flour and so on) on account for \\( \\$ 22,200 \\). 29 LPC received an invoice from its natural gas supplier for \\( \\$ 2,800 \\), which is payable on September 14. 31 LPC recorded the sales for the balance of the month. Sales for this period totalled \\( \\$ 60,800 \\), of which \\( \\$ 18,000 \\) was on account. The cost of the ingredients from inventory related to these sales amounted to \\( \\$ 20,700 \\)