Amys Baking Kits is a new company that sells baking kits. Analyze each May 2021 transaction for Amys Baking Kits then prepare the necessary journal entry within the General Journal (in proper form, as discussed in class). Ensure that Assets = Liabilities + Stockholders Equity and Debits = Credits for each entry you record. If the transaction does not need to be recorded in the accounting records, write Not an accounting event. The first transaction has been completed for you as an example.

1. Amy, the owner, contributed $60,000 in exchange for 6,000 shares of stock.
2. Amy hires Matt, who will work 20 hours per week and earn $30 hour. Matt agrees to start working next week.
3. Matt completes his first full week of work. He did not like his job and quit after the first week. Matt will be paid later in the month.
4. Amys Baking Kits issues a paycheck to Matt.
5. Amys Baking Kits pays $2,300 for insurance coverage for the upcoming year.
6. Amys Baking Kits purchases $500 of office supplies on account from Staples.
7. Amys Baking Kits pays Staples for the office supplies purchased.
8. Homer performs a count of office supplies and notes that half remain.
9. Amys Baking Kits purchases 1,000 baking kits from its main supplier, writing a check for $10,000.
10. Amys Baking Kits sells 400 baking kits at $15 each to a preschool. The firm charges the purchase on account with Amys Baking Kits. (Hint: This transaction requires 2 journal entries; use the information in letter I above to determine the cost of each baking kit.)
11. The preschool issues payment to Amys Baking Kits for the baking kits purchased.
12. Amys Baking Kits purchases a new computer for the companys office for $1,200. Amys Baking Kits makes a $200 down payment and signs a note for the balance.
13. The preschool likes the baking kits so much that they pre-order 100 baking kits for next month. They pay an $800 deposit for the order.
14. Amys Baking Kits issues a check for next months rent, which totals $2,000.
15. The company invests $3,300 into a money market account.
16. Amys Baking Kits receives the electric bill in the mail. The bill totals $300 and is due in two weeks.
17. Amys Baking Kits purchases 150 baking kits from its supplier, charging the $1,500 purchase on account.
18. Amy hires a plumber to fix a leaky faucet in the companys break room. The plumber fixes the faucet and is paid $180.
19. Amys brother Tom needs cash for a new business he is starting. Because Amys Baking Kits has extra funds, the company lends $3,000 to Tom, requiring him to sign a note. (Hint: This is recorded to an asset account called Notes Receivable the opposite of Notes Payable since Amys Baking Kits is acting like the bank.)
20. The company pays Amy a $500 dividend.