Page 4 ACCT 201 Case Fall 2021 athletic equipment to individual and commercial customers across the US, Luke Scott and Makenzie Lee Question 4. In August 2021, Supreme Athletics was established in Lafayette, LA to sell top of the line are the major stockholders in the corporation August 1 3 down and signed a 1 year note for the balance. 6 13 17 20 26 Stockholders (Scott & Lee) invested $120,000 cash in the business. Purchased a computer system for use in the business for $12,000; paid $5,000 Hired Silas Johnson as a salesperson. Purchased supplies for $2,600 on account. Paid $8,000 for a one-year insurance policy. Paid $3,000 to advertise the opening of their business. Sold $16,000 of athletic equipment on account. The cost of the equipment sold Declared and paid a $1,000 cash dividend. Paid $6,000 rent for the month. Collected $14,000 from customers billed on August 26. Paid receptionist $1,500 for August. was $9,500 27 28 29 30 Date Account Titles Ref Debit Credit Page 4 ACCT 201 Case Fall 2021 athletic equipment to individual and commercial customers across the US, Luke Scott and Makenzie Lee Question 4. In August 2021, Supreme Athletics was established in Lafayette, LA to sell top of the line are the major stockholders in the corporation August 1 3 down and signed a 1 year note for the balance. 6 13 17 20 26 Stockholders (Scott & Lee) invested $120,000 cash in the business. Purchased a computer system for use in the business for $12,000; paid $5,000 Hired Silas Johnson as a salesperson. Purchased supplies for $2,600 on account. Paid $8,000 for a one-year insurance policy. Paid $3,000 to advertise the opening of their business. Sold $16,000 of athletic equipment on account. The cost of the equipment sold Declared and paid a $1,000 cash dividend. Paid $6,000 rent for the month. Collected $14,000 from customers billed on August 26. Paid receptionist $1,500 for August. was $9,500 27 28 29 30 Date Account Titles Ref Debit Credit