Chapter 2 (Accounting Cycle Steps 2, 3, & 4) ACCOUNTING CYCLE STEP 2: Journalize each of the following Blue Raider Adventure Park (BRAP) transactions in the general journal; you may omit explanations. Use the general journal working papers in your packet. Augu Matt opens a business checking account in the name of BRAP and makes an initial deposit of $7,000. Matt had previously Matt is unable to borrow money from the local bank given his youth, lack of business experience, and lack of a substantial credit history. However, his grandfather fully supports Matt's efforts to become an entrepreneur, so he loans Matt $10,000 at 6% interest to be repaid in two years. Matt deposits these funds into the BRAP checking account Matt goes to Play It Again Sports and pays $2,100 to purchase gently used canoes, paddles, lifejackets, ziplining harnesses, etc, to be used the park. (These items will collectively be identified as "Equipment" in the accounting records.) Matt purchases a large, attractive sign for the new park at a cost of $650. The sign maker knows Mat's family, so she agrees to extend credit to BRAP for 30 day BRAP pays $250 to create, print, and distribute flyers to all the local schools and youth organizations to advertise that the new park will open on September 1 BRAP pays a total of $5,650 to have the child-appropriate obstacle and zipline courses constructed same day; inspection and certification are included in these amounts. (These two courses will collectively be identified as "Activity Courses" in the accounting records.) withdrawn this $7,000 from his personal savings account Augus August 7 August 15 August 20 August 28 September 1 Matt recognizes the fact that he could be sued if a child gets hurt in the park, so BRAP pays $660 to September 7Matt establishes a 30-day credit account at a local business on behalf of BRAP. He immediately uses September 10 BRAP sells 60 tickets for $15 each to local school children for admission to the park on that same day. September 14 BRAP pays for the sign purchased on August 15 purchase 4 months of general liability insurance for coverage from September 1 through the account to purchase $420 in various supplies for the park All ticket sales by BRAP are ca December 31 sh sales unless otherwise noted.) September 17 The Boys and Girls Club of Rutherford County brings 90 disadvantaged children to BRAP. Matt a to accept a reduced price of $11.00 per ticket and wait 30 days to receive payment, which will be paid by the Club rather than by the children rna reven September 18 BRAP pays $60 to have the grass meo September 22 BRAP sells 45 tickets for $15 each for children in two local Boy Scout September 24 BRAP receives a check from the Boys and Girls Club of Rutherford County in the amount of $325 to September 25 BRAP pays wages in the amount of $380 to two of Matt's friends who worked on days when children September 28 September 30 on that same da partially pay for the tickets purchased on September wer ous activites re in the park to assist the children with the vari so he writes himself a company check for $700 and deposits it into his own personal checking account BRAP receives a check in the amount of $360 from Ms. Hughes, a local teacher, to purchase tickets for Matt is satisfied that BRAP has more than a sufficient amount of operating cash in its checking account, her 2nd graders. She plans to bring them to BRAP for a field trip on October 3 Journalizing is the process of recording each transaction in the general journal i ount titles and properly characterizing te acr