ACCT 201 Case Spring 2017 Page 3 Chow Buddies, Inc In August, 2017, Chow Buddies, Inc. was established in gourmet dog Cuisine via the internet to individual and commercial across the United States. and Pachi Lee are major stockholders Part I The company completed the following transac tions during August 2017. August 1 Stockholders (Luke and Pachi) invested $60,000 cash in the business Purchased a computer system for use in the business for $12,0oo: paid $5000 down and signed a 1 year 12% note for the balance. Hired Irma Nurd to design, set up, and operate the company's website. Purchased $21000 of gourmet dog cuisine from a local manufacturing company: paid 1/3 in cash and the balance on account. Paid $6,000 f ne-year insurance policy effective August 1, 2017. Received $9,000 cash for services to be provided from August 1 through October 31, 2017. Purchased supplies for $6,200 on account. Paid $2,800 to advertise the opening of their business. Sold gourmet dog cuisine to customers on account for $26,000; the cuisine cost $11,000 23 Paid $4,700 to creditors on account. Collected $12,600 from customers billed on August 18. Sold gourmet dog cuisine to customers for $4,400 cash: the cuisine cost $1,300 29 Paid $800 for utilities used during August. Declared and paid a $900 dividend. ournalize the August transactions in the general REQUIRED J1 General Journal Account Debi Credi Date