ACCT 201 Cose Fall 2022 Page 4 Question 4. In August 2022, Supreme Athletics was established in Lafayette. LA to sell top of the line athletic equipment to individual and commercial customers across the US Luke Scott and Makenzie Lee are the major stockholders in the corporation. August 1 Stockholders (Scott BLee) invested $120,000cash in the business. Purchased a computer system for use in the business for $12,000, paid $5,000 down and signed a 1 year note for the balance. 6 Hired Silas Johnson as a salesperson. 13 Purchased supplies for $2,600 on account. 17 Paid $8,000 for a one-year insurance polcy 26 Paid $3,000 to advertise the opening of their business: was $9.500. of athletic equipment on account. The cost of the equipment sold 27 Declared and paid a $1,000 cash dividend 28. Paid $6,000 rent for the month. 30 Coliected $14,000 from customers b ied on August 26 30 Paid receptionist $1,500 for August