Paddleboard Adventures, Inc. is a local provider of standup paddleboard rentals and clinics. Paddleboard Adventures is a brand new corporation just beginning business in June of 2016. The CEO has ask you to start the companies bookkeeping. Project Instructions - Open T accounts for all of the accounts on the June 2016 chart of accounts - Post the June Transactions and adjusting entries to the T accounts - Prepare an adjusted trial balance after you have posted all the transactions - Prepare a profit and loss, and balance sheet for the month ending June 30 Submission Instructions Please prepare the trial balance, profit and loss, and balance sheet in a single word or excel file. Be sure that all three reports have the appropriate 3 line titles. Upload the file to the Moodle website. Notes Unless specifically indicated transactions can be assumed to be in cash. Paddleboard Adventures, Inc. June 2016 Transactions Winter Term BA 211 \begin{tabular}{|l|l|} \hline 6/1 & Owner invests $20,000 in the business in exchange for common stock \\ \hline 6/2 & Business rents a retail space for $1,000 \\ \hline 6/3 & Business Purchases 10 paddleboard for $7,000 \\ \hline 6/4 & Business rents 5 paddleboards to customers for $50 each \\ \hline 6/5 & Business purchases a trailer for $1,200, cash \\ \hline 6/7 & Business offers a paddling clinic and 6 participant pay $100 each for clinic \\ \hline 6/8 & Business pays $500 for a new storefront sign \\ \hline 6/9 & A check is written for $1200 for insurance \\ \hline 6/10 & Customers rent 10 paddleboards for $40 each \\ \hline 6/11 & Business pays $250 to sponsor an upcoming paddleboard race \\ \hline 6/12 & Owner invests an additional $5,000 in exchange for common stock \\ \hline 6/13 & The owner purchases an additional 2 paddleboards specifically for rivers for $2200 \\ \hline 6/14 & A utility bill is received and paid in the amount of $120 \\ \hline \end{tabular} 6/15 The shop provides all the boards and delivery for a clinic to a nonprofit that will pay $1,000 at the end of the month 6/16 Business purchases $685 worth of shelving to help organize the equipment 6/17 Business purchases and donates a $100 lifejacket as a prize for the upcoming race 6/18 Customers rent 10 boards for $50 each for the upcoming race and pays cash 6/19 The business owes $200 to the State for various licensing fees pays with a check 6/20 Receive a $500 check from the nonprofit on 6/15 6/21 Business opens a visa card at an area credit union 6/22 Business pays the instructor from 6/7 clinic $200 6/23 Business has to do some wiring and modifications on the trailer that cost $145 (cash) 6/24 Business charges $85 on the new credit card for office supplies 6/25 A check is written for a telephone bill in the amount of $87 Adjusting The insurance purchased 6/9 is for 12 months 6/30 Receives the Visa bill with fees and interest of $3 for the month 6/30 Board declares a $125 dividend to be paid later Paddleboard Adventures, Inc. Chart of Accounts June 2016 Assets Cash Accounts Receivable Prepaid Insurance Paddleboards River Paddleboards Trailer Leasehold Improvements Liabilities Visa Card Payable Dividends Payable Accounts Payable Equity Common Stock Dividends Retained Earnings Revenue Rental Income Clinic Income Expenses Marketing Expense Rent Expense Office Supplies Expense Insurance Expense Contract Labor License \& Tax Expense Banking Expense Maintenance Expense Utility Expense Charitable Contributions