Bella Groove and Frankie Jay commenced a new business on 1 January 2020. The business will operate a hip-hop dance studio, called Groovy Dancing. Bella and Frankie will operate the business as a partnership.

The dance studio will offer dance classes to children and adults. People will sign-up for classes for a period of 3 months at a time (with people attending one class each week), and sessions will run from February April, May July, August October each year. The classes cost $50 per month (with $150 payable for each 3-month session), and people can pay as follows:

• $150 paid upfront for 3-months of dance classes; or
• $50 per month, payable on the last day of each month (for each of the 3 months of dance classes).

During the first six months of operations, the following events and transactions occurred. Note: all payments made by Groovy Dancing were made from the business bank account.