Chat with us, powered by LiveChat On January 1st, 2015 eagle golf academy begins ope - Writemia

On January 1st, 2015 eagle golf academy begins ope

On January 1st, 2015 eagle golf academy begins operations by offering lessons to juniorgolfers. The lessons include a variety of skills intended to develop players for atop universitygolf program and perhaps even one day playing on the Kenya open golf championship.The following transactions took place during January 2015, its first month of operation.Transaction Date1Jan 12Jan 13Jan145678Jan 1Jan 6Jan12Jan17Jan 23910Jan 28Jan 30External Transaction in JanuarySell shares of common stock (ordinary share capital) for $ 25,000 toobtain the funds necessary to start the business. The academy isorganized as a company and that by investing $ 25,000 in it you arebecoming one of its many shareholders or owners.Borrow $ 10,000 at 12% interest per annum from the local bank andsign a note (loan contract) promising to repay the full amount of thedebt in three years. Interest is payable at the end of each year (i.e.Dec 31)Purchase equipment necessary for giving golf training, $ 24,000cash.Pay one year of rent in advance, $ 6,000 ($ 500 per month).Purchase supplies on account (i.e. on credit) $ 2,300.Provide golf training to customers for cash $ 4,300Provide golf training to customers on account (on credit) $ 2,000Receive cash in advance for 12 golf training sessions to be given inthe future, $ 600.Pay salaries to employees, $ 2,800Pay cash dividends of $ 200 to shareholdersREQUIRED:Analyze each transaction using the;i.ii.Basic accounting equationExpanded accounting equationRecord each transaction in the general journal(STEP 1 B)(STEP 2)

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