Le Petit Croissant Ltd$.($LPC$)$ is a wholesale bakery that supplies flash frozen croissants to restaurants, hotels, and other commercial customers. LPC began operating in August $2020$ and had the following transactions in its first month:

Aug. $1$ LPC issued $32,000$ common shares to its two founding shareholders in exchange for $$250,000$ in cash and equipment

valued at $$70,000.$

The company borrowed $$100,000$ from the Commercial Bank at an interest rate of $6\%.$ The borrowing agreement terms state that the loan is to be repaid at the end of each month in the amount of $$2,000$ per month plus interest.

$($Use Bank Loan Payable$)$

$3$

In order to access a commercial kitchen, LPC leased the site of a former restaurant, paying $$5,600,$ of which $$2,800$

represented the rent for August and the balance was a damage deposit.

$8$ LPC purchased flour and other ingredients costing $$30,200$ on account.

$12$ LPC paid $$7,000$ to a local marketing company for its logo design and media planning services.

$14$

LPC recorded its sales of the first two weeks of the month. Total sales $($half in cash and half on account$)$ amounted to $$52,400,$ and the inventory related to these sales was determined to have a cost of $$16,800.$

$19$

Paid the suppliers $$26,000$ for goods previously purchased on account.

$25$

Collections from customers on account totalled $$23,800.$

$26$

LPC purchased additional inventory $($flour and so on$)$ on account for $$22,000.$

$29$

LPC received an invoice from its natural gas supplier for $$2,200,$ which is payable on September $14.$

$31$

LPC recorded the sales for the balance of the month. Sales for this periodLPC recorded the sales for the balance of the month. Sales for this period totalled $$65,600,$ of which $$23,000$ was on account. The cost of the ingredients from inventory related to these sales amounted to $$20,700.$

$31$ LPC$\text{'}$s $6$ full$-$time employees were paid $$3,900$ each in wages for the month.

$31$ LPC made the loan payment required under the terms of the borrowing agreement.

$31$

LPC$\text{'}$s board of directors declared a dividend of $$1\mathrm{.}00$ per share to the holders of the company's common shares.