Chris Lake and Jaime Hudson are two friends who recently graduated from college. They are both passionate about the wilderness and decided to channel their passions into an outdoor wilderness business that will allow them to work in the outdoors and provide them an opportunity for self- employment. Chris graduated with a degree in accounting, and Jaime has a marketing background. Chris and Jaime discuss the formation of the business and decide that given the liability and the need to obtain financing the decide to incorporate. They will choose an LLC (Limited Liability Corporation as their organization structure. Each of the "members" decided they will go "all in" and put in their current life savings of $25,000 each. Additionally, they plan on acquiring additional financing from their parents of $25,000 each. With these funds, they can acquire some space where they can begin operations. Initially, they will focus on equipment rental, a small sale retail operation and a guide service. They currently have no plans on hiring employees, but as the business grows, they may contract out services and eventually hire one or two employees. As a low budget operation, they have not acquired any accounting/operational software, Chris believe he can use EXCEL to organize the business and provide any accounting and analytical information needed. As the business grows, he intends to export information into a accounting software program such as quickbooks. As they discuss their business operation, they understand that additional financing will be required to obtain additional inventory and equipment necessary to grow the business. They intend on approaching the local bank, the regional economic development agency and potential crowd sourcing opportunities to obtain financing. In order to approach these groups, they know they will need to create a business plan. They will also need to set up a set of accounting records using excel to record business transactions and support further analytical needs such as the business plan. The friends contacted West law, Inc., who helped setup of the organizational documents at a cost of $5,000. The business became official as Adirondack Wild, LLC on July 1, 2020. Currently there are two members of Adirondack Wild, LLC.; Chris Lake and Jaime Hudson. Chris established a business checking account at Adirondack National Bank depositing $100,000. Both Chris and Jaime signed three-year notes payable with interest of 8% dated July 1, 2020. Interest payments will be made monthly, beginning on January 1, 2021 with interest accruing until then. Balloon payments will be made on January 1, 2021 for $5,000, January 1, 2022 for $10,000 and July 1, 2023 of $10,000 for each note. After the checking account was established, Chris wrote Check 1001 to West Law, Inc. on July 15, 2020. Chris and Jaime signed of lease with Adirondack Properties, Inc. for a small building 2,500 square feet in Keene, NY. This should suit them fine until the business grows. The lease required a $12,000 prepayment for one year (can't be too careful regarding a startup). Chris paid Adirondack properties $12,000 on July 2oth with check 1002. The lease will begin on August Chris and Jaime also went to Lake Placid Ford and purchased a used 10 Passenger Cargo Van. They will use this for general business purposes as well as transporting gear and clients to events. The van was purchased by taking out an automobile loan for $15,000, four years at 9.5%. The van will be delivered on August 1, 2020 with the fist payment due on September 1, 2020. A $5,000 down payment was made with check 1003 on July 25th 2020. Required: 1.) Start a new excel workbook titled Adirondack-Wild-LLC 2.) Rename Tab 1: AW General Ledger 3.) On Row 1; label Column B Date 4.) On Row 1; label Column C Account Name 5.) On Row 1; label Column D Debit 6.) On Row 1; label Column E Credit 7.) Record Transactions in the General Ledger Account 8.) Align Column and rows. Credit Debit $ 50,000.00 Date Account Name 7/1/20 Cash Chris Lake Capital Jaime Hudson Capital $ 25,000.00 $ 25,000.00 $ 50,000.00 7/1/20 Cash Note Payable $ 50,000.00 $ 12,000.00 7/20/20 Prepaid Rent Cash $ 12,000.00 $ 20,000.00 7/25/20 Truck Cash Auto Loan $ 5,000.00 $ 15,000.00 $ 5,000.00 7/15/20 Legal Expense Cash $ 5,000.00 Chris Lake and Jaime Hudson are two friends who recently graduated from college. They are both passionate about the wilderness and decided to channel their passions into an outdoor wilderness business that will allow them to work in the outdoors and provide them an opportunity for self- employment. Chris graduated with a degree in accounting, and Jaime has a marketing background. Chris and Jaime discuss the formation of the business and decide that given the liability and the need to obtain financing the decide to incorporate. They will choose an LLC (Limited Liability Corporation as their organization structure. Each of the "members" decided they will go "all in" and put in their current life savings of $25,000 each. Additionally, they plan on acquiring additional financing from their parents of $25,000 each. With these funds, they can acquire some space where they can begin operations. Initially, they will focus on equipment rental, a small sale retail operation and a guide service. They currently have no plans on hiring employees, but as the business grows, they may contract out services and eventually hire one or two employees. As a low budget operation, they have not acquired any accounting/operational software, Chris believe he can use EXCEL to organize the business and provide any accounting and analytical information needed. As the business grows, he intends to export information into a accounting software program such as quickbooks. As they discuss their business operation, they understand that additional financing will be required to obtain additional inventory and equipment necessary to grow the business. They intend on approaching the local bank, the regional economic development agency and potential crowd sourcing opportunities to obtain financing. In order to approach these groups, they know they will need to create a business plan. They will also need to set up a set of accounting records using excel to record business transactions and support further analytical needs such as the business plan. The friends contacted West law, Inc., who helped setup of the organizational documents at a cost of $5,000. The business became official as Adirondack Wild, LLC on July 1, 2020. Currently there are two members of Adirondack Wild, LLC.; Chris Lake and Jaime Hudson. Chris established a business checking account at Adirondack National Bank depositing $100,000. Both Chris and Jaime signed three-year notes payable with interest of 8% dated July 1, 2020. Interest payments will be made monthly, beginning on January 1, 2021 with interest accruing until then. Balloon payments will be made on January 1, 2021 for $5,000, January 1, 2022 for $10,000 and July 1, 2023 of $10,000 for each note. After the checking account was established, Chris wrote Check 1001 to West Law, Inc. on July 15, 2020. Chris and Jaime signed of lease with Adirondack Properties, Inc. for a small building 2,500 square feet in Keene, NY. This should suit them fine until the business grows. The lease required a $12,000 prepayment for one year (can't be too careful regarding a startup). Chris paid Adirondack properties $12,000 on July 2oth with check 1002. The lease will begin on August Chris and Jaime also went to Lake Placid Ford and purchased a used 10 Passenger Cargo Van. They will use this for general business purposes as well as transporting gear and clients to events. The van was purchased by taking out an automobile loan for $15,000, four years at 9.5%. The van will be delivered on August 1, 2020 with the fist payment due on September 1, 2020. A $5,000 down payment was made with check 1003 on July 25th 2020. Required: 1.) Start a new excel workbook titled Adirondack-Wild-LLC 2.) Rename Tab 1: AW General Ledger 3.) On Row 1; label Column B Date 4.) On Row 1; label Column C Account Name 5.) On Row 1; label Column D Debit 6.) On Row 1; label Column E Credit 7.) Record Transactions in the General Ledger Account 8.) Align Column and rows. Credit Debit $ 50,000.00 Date Account Name 7/1/20 Cash Chris Lake Capital Jaime Hudson Capital $ 25,000.00 $ 25,000.00 $ 50,000.00 7/1/20 Cash Note Payable $ 50,000.00 $ 12,000.00 7/20/20 Prepaid Rent Cash $ 12,000.00 $ 20,000.00 7/25/20 Truck Cash Auto Loan $ 5,000.00 $ 15,000.00 $ 5,000.00 7/15/20 Legal Expense Cash $ 5,000.00