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Current Attempt in Progress Bounce House Party Supply Ltd. rents bouncy castles and inflatable slides for parties, school fairs, and company picnics. The company
Current Attempt in Progress 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 piatas. The company started business in September and had the following transactions in its first month Cate Sept. 1 Bounce House Party Supply Ltd, Issued 45,600 common shares for $296,400 cash 13 The company took out a $182,400 bank loan with an interest rate of 6% The loan terms require that Bounce repay $3,400 in principal on the last day of each month plus interest Bounce purchased 10 int 3 slides and bouncy castles at a cost of $159,600. The company paid $114,000 at the time of purchase, and the balance is due in 30 days 8 Bounce purchased balloons and other party supplies costing $7,500 on account 11 A major local company paid Bounce a $2,900 deposit to reserve all of Bounce's inflatables for a grand opening function that is scheduled for the second week in October 15 (a) Bounce reconded its party supply sales of the weeks f the month. Total sales thalt in cash and half on account) amounted to $9,000 and (b) the inventory related to these sales determined to have a cost of $6,500 199 Bounce paid the suppliers $1,900 for goods previously purchased on account 23 Collections from customers on account totalled $3,900 00 Bounce made the loan payment required under the terms of the borrowing agreement Analyze and record these transactions. Enter amounts that decree account balance using either a negative sign preceding the number 45 or parentheses ea (45) Indicate whether it is Revenues Expenses or Dividends declared in the last column. In case if there i select "Not Applicable. Post entries in the order presented in the problem statement) effect then Assets Cash Date/Ref $ Accounts Receivable Inf Inventory
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