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Events: The business you are doing the accounting for is Milu Inc. (Milu). Milu is a restaurant located in Regina. Analyze the following events
Events: The business you are doing the accounting for is "Milu Inc. (Milu)". Milu is a restaurant located in Regina. Analyze the following events and prepare any applicable journal entry that is required: 1) Jan 1 - Milu issued 2,000 shares in total to 2 different shareholders. The shareholders paid $10 per share. 2) Jan 1 - Received a bank loan of $30,000 from CIBC. 3) Jan 2 - Paid $5,000 of cash to a landlord for rent. Rent was for the month of Jan 2021. 4) Jan 3 - Paid $15,000 of cash to purchase kitchen equipment for the restaurant. 5) Jan 3 - Paid $1,000 to rent kitchen equipment for the restaurant. 6) Jan 4 - Paid $5,000 of cash to purchase furniture for the restaurant. 7) Jan 4 - Was invoiced $1,000 for advertising by Facebooks Inc. This digital advertising will take place over the month of Jan 2021. 8) Jan 6 - Paid $400 of the $1,000 it owed to Facebook Inc.
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