LAvenir de Foot LLC conducts in-residence training for youth soccer players. As of the start of the current month, April, the LLCs balance sheet was as follows:

MGT 1104 - IN-CLASS ACCOUNTING EXERCISE ACCT EX #5 L'Avenir de Foot LLC conducts in-residence training for youth soccer players. As of the start of the current month, April, the LLC's balance sheet was as follows: Assets Cash Accounts Receivable Property $16,000 $8,000 $11,000 Liabilities Accounts Payable Business Loan Payable $9,000 $12,000 Owner's Equity $14,000 The following transactions take place in the current month (April): . . 1 A new coach is hired. She will start work on May 15. In April, the LLC pays her an up-front signing bonus of $1,000. 2 Buys office supplies for $1,000, which will be paid in May. 3 Collects $7,000 of the amounts due at the end of the last month. 4 Pays $8,000 of accounts payable from last month. 5 Makes a $1,000 payment on the business loan. The current year is interest free. 6 Bills $8,000 to clients for camps completed in April, with due dates no earlier than May 10. 7 The LLC pays coaching salaries of $4,000. 8 Outfits its stadium with a new scoreboard at a cost of $6,000, which will be paid after the close of the current month. The scoreboard is expected to have a 10-year useful life. . Student Names: David and Lance Problem# Assigned - 5 Open Bal Trans 1 Trans 2 Trans 3 Trans 4 Trans 5 Trans 6 Trans 7 Trans 8 Closing End Bal -1000 15000 Balance Sheet Cash Accounts Receivable Property, Plant, Equipment Total Assets 16000 8000 7000 11000 15000 11000 41000 35000 8000 4000 Accounts Payable Loan Payable 9000 12000 21000 13000 1000 14000 Owners' Equity Total Liabilities and O/E 14000 48000 35000 Income Statement Revenue Expenses 8000 8000 9000 9000 Net Income -1000 -1000