Nearly Meat Ltd. (NML) is a commercial distributor of plant-based meat substitutes to grocery stores and chains in Western Canada. NML and the company's management team have successfully grown the operation to the point where they are able to distribute their products nationally.

NML had the following transactions in the month of september

21:26

Required: Analyze and record these transactions using the template method.

• Sept. 1 NML borrowed $20,000 from the bank. The interest rate on the loan is 3% per annum, and the terms of the loan state that the loan is to be repaid at the end of each month in the amount of $1,500 per month plus interest.
• Sept. 1 NML renewed the annual insurance policy covering its warehouse and paid the premium for the 12-month policy in the amount of $3,300. The term of the policy is from September 1 to August 31 of the following year.
• Sept. 4 The company purchased inventory at a cost of $36,000 from a producer on account.
• Sept. 10 NML recorded its sales for the first 10 days of the month. Total sales (half in cash and half on account) amounted to $22,200, and the inventory related to these sales was determined to have a cost of $15,600.
• Sept. 19 Paid $5,000 to suppliers who had previously sold NML inventory on account.
• Sept. 27 Paid employee wages in the amount of $5,100.
• Sept. 29 NML accepted a payment of $5,000 from a local independent grocer who placed an order for 500 kg of plant-based sausages to be delivered in mid-October for an
• Oktoberfest promotion.
• Sept. 30 NML made the necessary month-end entry related to the insurance policy.
• Sept. 30 NML made the necessary month-end entry related to record the bank loan.