showtime amusements company owns movie theaters showtime engaged in the following bu 538321

Sep 1

Don Cougliato invested $370,000 personal cash in the business by depositing that amount in a bank account titled Showtime Amusements. The business gave capital to Cougliato.

2

Paid $360,000 cash to purchase a theater building.

5

Borrowed $260,000 from the bank. Cougliato signed a note payable to the bank in the name of Showtime.

10

Purchased theater supplies on account, $1,400.

15

Paid $1,200 on account.

15

Paid property tax expense on theater building, $1,500.

16

Paid employees” salaries $2,500, and rent on equipment $1,400.Make a single compound entry.

28

Cougliato withdrew cash of $7,000.

30

Received $21,000 cash from service revenue and deposited that amount in the bank