Make a journal entry for Ted's Company Music Express (ME).

Monday, December 1: i. Ted deposited $35,000 of his personal savings into the newly opened business checking account, and in exchange, he received 100% of the corporate stock.

ii. The start-up loan was finalized (with a 12/1 effective date), and $25,000 was deposited into the business checking account.

iii. ME (Ted's company) paid the Lowrys(Equipment c ompany) $38,850 for the following items: $35,000 for used music equipment

5,000 for digitized music files

4,000 for accounts receivable relating to October and November 2008 events

-2,950 less obligations to customers for advance deposits

-2,200 less amounts owed for November rent

$38,850