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Aardvark Restaurant was opened on September 1, 2021, by Albert Aardvark. The following selected events and 1 Sept 1: Invested personal funds to begin
Aardvark Restaurant was opened on September 1, 2021, by Albert Aardvark. The following selected events and 1 Sept 1: Invested personal funds to begin the business in exchange for common stock. $ 85,000 Sept 3: Purchased land for restaurant, put 5% down and 2 agreed to pay the balance in six months, by signing a 5% $ 50,000 (annual rate), 1 year note. Sept 4: Placed an advertisement in the Good'O Times 3 $ 875 Newspaper and paid for the advertisement. 4 Sept 9: Paid for one year insurance policy, begins Sept 1, and expires Aug 30. $ 2,600 5 Sept 11: Purchased supplies and kitchen equipment, payable in 30 days, from Restaurant Depot, a supplier. $ 9,300 Sept 17: Rented out the restaurant to a customer, for a private party; the customer paid one third in cash, the $ 5,500 balance in 30 days. 7 Sept 20: A customer, prepaid for 2 catered dinners for two days in Decemer, in cash. $ 850 8 Sept 21: Hired a celebrity chef, to start on Sept 22, her weekly salary will be: $ 3,300 10 Sept 28: Paid the weekly salary of the celebrity chef (refer to previous transaction). Sept 29: Paid Restaurant Depot (refer to earlier transaction). 11 Sept 30: Paid dividends to stockholders. REQUIRED: Journalize the above transactions. $ 2,100
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