Journalize (yes ONLY last 3 entries )

August 1	Lewis Hamilton began his business by contributing an iPad and Cash Register valued at $1,500 and video equipment valued at $6,200 and depositing $3X,XXX (XXXX- represents the last 4 digits of your Bronc's identification number) in a checking account in the name of the corporation in exchange for 6,000 shares, $2 par value shares of capital stock.
1	Received $15,000 proceeds from an unsecured, 9%, 5 year, interest only bank loan, due August 1, 2018. The proceeds will be used to pay daily operation costs of the company. Interest will be paid monthly on the fifth of each month; next payment day is September 5th.
1	Purchased 30 shares of Netflix, Inc. common stock as an investment. (Find stock price as of August 1, 2018). Paid a commission price of $20.00/ transation. Use the Short-term Investment (Available For Sale) account.
2	Purchased 2 Virtual Reality Chairs for $22,400, paying $2,400 cash and the balance with a zero interest bearing 36 month note.
3	Paid cash for an exclusive 4 year right to sell racing gear products from Sparcoal Racing Company, $8,000.
4	Purchased 20 helmets (Model T200), on account, for resale purposes only. Helmets cost $75 each, $1,500.00. HPR was charged shipping costs of $25.00, which was also included in the amount oweduse the Merchandise Inventory Account, terms, 2%, n/30.
4	Paid $5,500 for 3 display cases.
4	Purchased office supplies for $3,500 on account. These supplies will not be resolduse the Office Supplies Inventory account.
5	Paid $3,600 on a two-year insurance policy, effective August 1.
5	Signed a two year lease agreement. Paid 3 months of rent in advance, $4,500, plus security deposit of $1,000, total $5,500.
5	Returned 2 (Model T200) of the helmets purchased on August 4.
6	Purchased 2 helmets (Model #A20), on account, for resale purposes only. Helmets cost $80 each, $160. HPR was charged shipping costs of $25.00, which was also included in the amount oweduse the Merchandise Inventory Account, terms, 2%, n/30.
7	Hired 2 workers at $15.50 and 1 assistant at $25.00/hour.
8	Paid $8,000 in advance to Monmouth Speedway for 300 hours of track time and $15,000 for racing car rental. He rents a 2016 Mercedes C63 AMG DTM race car for $170/hr.
8	Drake paid HPR $4,000 in advance for six months of racing instructions. HPR charges $400 per hour for private instructions, which includes car and track rental.
10	Purchased 10 racing suits, on account, for resale purposes only, from Sparcoal. Each suit costs $1,000. HPR was charged shipping costs of $60.00, which was also included in the amount oweduse the Merchandise Inventory Account, terms n/30.
10	Migos and two friends paid Hamilton for 6 hours of instructional car racing training at $400 per hour, $2,400. (no taxes, for personal service)
10	Sold 3 racing suits to Migos for an upcoming video shoot, $2,000 each, and 3 helmets, $200 each, plus 7% sales tax. HPR uses first in, first out, perpetual inventory method.
12	Billed various customers $28,XXX (XXX represents last 3 digits of your Bronc's identification) for racing instructions.
13	Paid utilities for the month, $1,850.
18	Paid Sparcoal in full for August 4th purchase.
18	Purchased 5 racing suits from Sparcoal $5,300 ($1,060 each), terms 2/10, n/60, for resale purposes, on account, plus total shipping costs of $25.00.
18	HPR withholds taxes from its employees' wages and salaries, accrual and payment of a $6,000 (gross) payroll included the following:
	Social Security (FICA) Tax (Use 6.2% of gross wages)
	Federal Taxes	$1,200
	Medicare Taxes (Use 1.45% of gross wages)
	State Taxes (Use $2.7% of gross wages
	City Taxes (Use 2% of gross wages)
	Combine the employee taxes withheld activities into one account, Employee Taxes Withheld Payable.
18	Accrue employer tax, $459 (related to August 18th payroll). These taxes include employer portion of FICA and Medicare tax and state and Federal unemployment tax. Use Employer Tax Payable account for the total employer payroll taxes.
21	Paid Sparcoal for August 10 in full.
22	Sold 7 racing suits to Indy Mania Racing Team on account for $2,100 each. HPR uses a perpetual inventory system for its merchandise inventory sales and determines costs using first in-first out costing method. Include your supporting calculations in the "Supporting Assumptions and Calculations" schedule.
23	Collected and deposited $20,700 from customers billed on August 12.
24	Paid Monmouth Speedway for $8,000 for additional services paid in advance.
24	Using Mr. Hamilton's credit card, purchased a computer for office use $1,500.
25	Billed customers $16,200 for driving instructions.
31	Sold the video equipment acquired on August 1 for $4,800.
31	Bank returned a check for $3,000 from LeBron James for services paid on August 23. The bank charges HPR $8.00 service fee for NSF checks.
31	Paid withholding tax for August 18th payroll, including employer tax.
31	Declared and paid a $.77 per share cash dividend.
31	Paid withholding tax for August 18th payroll, including employer tax.
31	Declared and paid a $.77 per share cash dividend.
5	Purchased liability insurance $10,000 (12 month).
25	HPR sold 5 annual subscriptions to access to virtual reality game to practice driving skills, $2,500 each.
18	Change payroll to 7,500.