Prepare journal entry (cr and dr).

And after each account name, include a description of where the account would appear in the financial statements. E.g. (A), (L), (SE), (Rev), or (Exp) for each of assets, liabilities, shareholders equity, revenue or expense.

AP3-5 (Prepare journal entries) croissants to restaurants, hotels, and Le Petit croissant Ld. Pc" is a wholesale bakery that supplies flash frozen transactions in its first month: other commercial customers. LPC began operating in August 2016 and had the following Aug. 1 LIPC issued 30.000 common shares to its two founding shareholders in exchange for $250,000 in cash and equipment valued at $50,000. interest rate of 6%. The The company borrowed $100.000 from the Commercial Bank at an amount of ing agreement terms state that the loan is to be at the end of each month in the $2,500 per month plus interest. paying $6,000 3 In order to access a commercial kitchen, LPc leased the site of a former restaurant, of which $3,000 represented the rent for August and the balance was a damage deposit. 8 LPC purchased flour and other ingredients costing $32,800 on account. 12 LPc paid $6.800 to a local marketing company for its logo design and media planning services 14 LPc recorded its sales of the first two weeks of the month. Total sales (half in cash and half on a account) amounted to $50.200 and the inventory related to these sales was determined to have cost of $17,100 19 Paid the suppliers $25,000 for goods previously purchased on account 25 Collections from customers on account totalled $22,600. 26 LPc purchased additional inventory (flour and so on) on account for s23,000 29 LPC received an invoice from its natural gas supplier for $2,700, which is payable on September 14 31 LPC recorded the sales for the balance of the month. Sales period totalled s60.soo, of which on account. The cost of the ingredients from inventory related to these sales amounted $20,000 was to $20,700 31 LPC's six full-time employees were paid $3,900 each in wages for the month LPC made the loan payment required under the terms of the borrowing agreement. Lpc's board of directors declared a dividend of $1.00 per share to the holders of the company's 31 common shares Required Prepare all necessary journal entries related to the above transactions