July 2019: (using the Excel workbook complete the following 1-Open a bank account for Peyton Approved. 1-You take $15,000 from your personal savings account and buy common stock in Peyton Approved. 3 - Your parents lend the company $10,000 cash, in exchange for a two-year, 6% note payable. Interest and the principal are repayable at maturity 7- Sign a lease agreement for retail/bakery space. The agreement is for 1 year, with the option to extend the lease on a month-to- month basis after 1 year. The rent is $1,500 per month. The lease period starts on July 1, 2019, first and last month's rent due at that time. Subsequent rents are due on the 15th day of each month. (no entry-record this transaction on July 15th, see below) 10- Pay $375 to the county for a business license. 11 - Purchase a cash register for $250 (deemed to be not material enough to qualify as depreciable equipment-use misc. exp.). 13 - You have baking equipment, including an oven and mixer, that you have been using for your home-based business and will now start using in the bakery. You estimate that the equipment is currently worth $5,000, and you transfer the equipment into the business in exchange for additional common stock. The equipment has a 5-year useful life. 13 - Pay $200 for business cards/flyers/posters/ads to use for advertising. 14 - Pay $1,000 for baking ingredients (use baking supplies account). 14 - Pay $300 for miscellaneous (use misc, supplies). 15 - Hire part-time helper to be paid $12 per hour. Pay periods are the 1st through the 15th and 16th through the end of the month with paydays being the 20th for the first pay period and the sth of the following month for the second pay period. 15- Pay first and last month's rent in cash. (1,500 January rent; January 2020 rent 1,500) 16 - Open the doors of the bakery. 31 - Pay $1,200 for a 12-month insurance policy beginning February 1, 2019 31. Record sales $5,000; $2,500 paid in cash remainder paid later 31- Received telephone bill, S45, will pay on 8/5 accrue invoice