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$\mathrm{.}1$LPC issued $26,500$ common shares to its two founding shareholders in exchange for $$210,000$ in cash and equipment valued at $$55,000\mathrm{.}1$The company borrowed $$140,000$ from the Commercial Bank at an interest rate of $6\%.$ The borrowing agreement terms state that the loan is to be repaid at the end of each month in the amount of $$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 $$6,000,$ of which $$3,000$ represented the rent for August and the balance was a damage deposit$\mathrm{.}8$LPC purchased flour and other ingredients costing $$32,200$ on account$\mathrm{.}12$LPC paid $$6,400$ to a local marketing company for its logo design and media planning services$\mathrm{.}14$LPC recorded its sales of the first two weeks of the month. Total sales $($half in cash and half on account$)$ amounted to $$54,000,$ and the inventory related to these sales was determined to have a cost of $$17,800\mathrm{.}19$Paid the suppliers $$25,600$ for goods previously purchased on account$\mathrm{.}25$Collections from customers on account totalled $$22,400\mathrm{.}26$LPC purchased additional inventory $($flour and so on$)$ on account for $$22,600\mathrm{.}29$LPC received an invoice from its natural gas supplier for $$2,400,$ which is payable on September $14\mathrm{.}31$LPC recorded the sales for the balance of the month. Sales for this period totalled $$68,800,$ of which $$18,000$ was on account. The cost of the ingredients from inventory related to these sales amounted to $$20,700\mathrm{.}31$LPCs $6$ full$-$time employees were paid $$3,900$ each in wages for the month$\mathrm{.}31$LPC made the loan payment required under the terms of the borrowing agreement$\mathrm{.}31$LPCs board of directors declared a dividend of $$1\mathrm{.}00$ per share to the holders of the companys common shares.Prepare all necessary journal entries related to the above transactions. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$DateAccount Titles and ExplanationDebitCreditAug. $1$Enter an account title to record the issuance of shares on August $1.$CashEnter a debit amount. $210,000$Enter a credit amount. Enter an account title to record the issuance of shares on August $1.$EquipmentEnter a debit amount. $55,000$Enter a credit amount. Enter an account title to record the issuance of shares on August $1.$Common SharesEnter a debit amount. Enter a credit amount. $265,000($To record the issuance of shares$)$Choose a transaction date.Enter an account title to record the borrowings.CashEnter a debit amount. $140,000$Enter a credit amount. Enter an account title to record the borrowings.Bank Loan PayableEnter a debit amount. Enter a credit amount. $140,000($To record the borrowings$)$Aug$.3$Enter an account title for the journal entry on August $3$Enter a debit amount. Enter a credit amount. Enter an account title for the journal entry on August $3$Enter a debit amount. Enter a credit amount. Enter an account title for the journal entry on August $3$Enter a debit amount. Enter a credit amount. Choose a transaction date.Enter an account title.Enter a debit amount. Enter a credit amount. Enter an account title.Enter a debit amount. Enter a credit amount. Choose a transaction date.Enter an account title.Enter a debit amount. Enter a credit amount. Enter an account title.Enter a debit amount. Enter a credit amount. Aug. $14$Enter an account title to record sale of goods on August $14.$Enter a debit amount. Enter a credit amount. Enter an account title to record sale of goods on August $14.$Enter a debit amount. Enter a credit amount. Enter an account title to record sale of goods on August $14.$Enter a debit amount. Enter a credit amount. $($To record sale of goods$)$Enter an account title to record the cost on August $14.$Enter a debit amount. Enter a credit amount. Enter an account title to record the cost on August $14.$Enter a debit amount. Enter a credit amount. $($To record the cost$)$Choose a transaction date.Enter an account title.Enter a debit amount. Enter a credit amount. Enter an account title.Enter a debit amount. Enter a credit amount. Choose a transaction date.Enter an account title.Enter a debit amount. Enter a credit amount. Enter an account title.Enter a debit amount. Enter a credit amount. Choose a transaction date.Enter an account title.Enter a debit amount. Enter a credit amount. Enter an account title.Enter a debit amount. Enter a credit amount. Choose a transaction date.Enter an account title.Enter a debit amount. Enter a credit amount. Enter an account title.Enter a debit amount. Enter a credit amount. Aug. $31$Enter an account title to record sale of goods on August $31.$Enter a debit amount. Enter a credit amount. Enter an account title to record sale of goods on August $31.$Enter a debit amount. Enter a credit amount. Enter an account title to record sale of goods on August $31.$Enter a debit amount. Enter a credit amount. $($To record sale of goods$)$Enter an account title to record the cost on August $31.$Enter a debit amount. Enter a credit amount. Enter an account title to record the cost on August $31.$Enter a debit amount. Enter a credit amount. $($To record the cost$)$Choose a transaction date.Enter an account title to record wages paid to employees.Enter a debit amount. Enter a credit amount. Enter an account title to record wages paid to employees.Enter a debit amount. Enter a credit amount. $($To record wages paid to employees$)$Aug$.31$Enter an account title to record payment of loan on August $31.$Enter a debit amount. Enter a credit amount. Enter an account title to record payment of loan on August $31.$Enter a debit amount. Enter a credit amount. Enter an account title to record payment of loan on August $31.$Enter a debit amount. Enter a credit amount. $($To record payment of loan$)$Choose a transaction date.Enter an account title to record devidend declared.Enter a debit amount. Enter a credit amount. Enter an account title to record devidend declared.Enter a debit amount. Enter a credit amount. $($To record devidend declared$)$