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. Matt opens a business checking Matt had previously withdrawn this $7,000 from his personal savings account Matt is unable to borrow money from the local bank given his youth, lack of business experience, and account in the name of BRAP and makes an initial deposit of $7,000 lack of a substantial credit history. However, his grandfather fully supports Matt's efforts to become n 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. ugust 7 Matt goes to Play It Again Sports and pays $2,100 to purchase genly used canoes, paddles lifejackets, ziplining harnesses, etc. to be used the park. (These items will collectively be identified as "E Matt purchases a large, attractive sign for the new park at a cost of $650. The sign maker knows Matt's family, so she a 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 BRAP pays a same day; inspection and certification are included in these amounts. (These two courses will pment in the accounting reco rds t 15 s to extend credit to BRAP for 30 days. t 20 Au total of $5,650 to have the child-appropriate obstacle and zipline courses constructed that be identified as "Activity Courses" in the accounting records.) September1 Matt recognizes the fact that he could be sued if a child gets hurt in the park, so BRAP pays $660 to 4 months of g eneral liability insurance for coverage from September 1 through December 31. credit account at a local business on behalf of BRAP. He immediately uses s a 30-day the account to $420 in various s for the ptember 10 RAP sells 60 tickets for $15 each to local school children for admission to the park on that same day All ticket sales by BRAP are cash sales unless otherwise noted September 14 September 17 The Boys and Girls Club of Rutherford County brings 90 disadvantaged children to BRAP. Matt agrees purchased on August 15. 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 chil September 18 BRAP pays S60 to have the grass mowed at the park. September 22 BRAP sells 45 tickets for $15 each for children in two local Boy Scout troops for admission to the park on that same day eptember 24 BRAP receives a check from the Boys and Girls Club of Rutherford County in the amount of S325 to partially pay for the tickets purchased on September 17 tember 25 BRAP pays wages in the amount of $380 to two of Matt's friends who worked on days when children ere in the park to assist the children with the various activities. tember 28 Matt is satisfied that BRAP has more than a sufficient amount of operating cash in its checking account, 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 her 2"d graders. She plans to bring them to BRAP for a field trip on October 3 mber 30 Journalizing is the process of recording each transaction in the general journal in chro the increase or decrease to each account as either a debit or a credit, based on the nological (date) order using appropriate account titles and properly characterizing elpful ints account's normal balance. Debit lines are listed first, credits account titles are slighth indented, and DEBIT AMOUNTS MUST EQUAL CREDIT AMOUNTS for each and every individual transaction