Bounce House Party Supply Ltd$.$ rents bouncy castles and inflatable slides for parties, school fairs, and company picnics. The company also sells party supplies such as balloons, streamers, and pinatas. The company started business in September and had the following transactions in its first month:

Sept. $1$ Bounce House Party Supply Ltd$.$ issued $40,000$ common shares for $$260,000$ cash $(2$ marks$).$

$1$ The company took out a $$160,000$ bank loan with an interest rate of $6\%.$ The loan terms require that Bounce repay $$3,000$ in principal on the last day of each month plus interest $(2$ marks$).$

$3$ Bounce purchased $10$ inflatable slides and bouncy castles at a cost of $$140,000.$ The company paid $$100,000$ at the time of purchase, and the balance is due in $30$ days $(3$ marks$).$

$8$ Bounce purchased balloons and other party supplies costing $$6,600$ on account $(2$ marks$).$

$11$ A major local company paid Bounce a $$2,500$ deposit to reserve all of Bounce$$s inflatables for a grand opening function that is scheduled for the second week in October $(2$ marks$).$

$15$ Bounce recorded its party supply sales of the first two weeks of the month. Total sales $($half in cash and half on account$)$ amounted to $$8,600,$ and the inventory related to these sales was determined to have a cost of $$5,700.$

$19$ Bounce paid the suppliers $$1,700$ for goods previously purchased on account $(2$ marks$).$

$23$ Collections from customers on account totalled $$3,400(2$ marks$).$

$30$ Bounce made the loan payment required under the terms of the borrowing agreement $(3$ marks$)$