Part I Startup Transactions

Bracken filed articles of incorporation with the state of Missouri on April 1, 2017. He named his new business Taum Sauk Tennis Inc. The articles of incorporation authorized 10,000 shares of common stock each with par value of $.10. The following transactions also occurred on April 1^st 2017.

Requirement 1: Use the information below to record transactions 1 8 using the journal and ledger approach.

Bracken transferred $4,000 cash to the corporation in exchange for 4,000 shares of stock.

Dates	Accounts	LF	Debit	Credit
4/1/17

Bracken exchanged a racquet stringer and a ball machine (which he owned), valued at $1,000, for 1,000 shares of common stock.

Dates	Accounts	LF	Debit	Credit
4/1/17

Taum Sauk received a bank loan of $3,000. The loan agreement required Taum Sauk to repay the note on April 1, 2018 along with 10% interest.

Dates	Accounts	LF	Debit	Credit
4/1/17