party time amusements company owns movie theaters party time engaged in the followin 538335

Aug 1

Daniel Smith invested $400,000 personal cash in the business by depositing that amount in a bank account titled Party Time Amusements. The business gave capital to Smith.

2

Paid $350,000 cash to purchase a theater building.

5

Borrowed $200,000 from the bank. Smith signed a note payable to the bank in the name of Party Time.

10

Purchased theater supplies on account, $1,300.

15

Paid $1,000 on account.

15

Paid property tax expense on theater building, $1,200.

16

Paid employees” salaries $2,700, and rent on equipment $1,700.Make a single compound entry.

28

Smith withdrew cash of $8,000.

31

Received $25,000 cash from service revenue and deposited that amount in the bank.