Record each bullet point in T-Accounts.

On November 1, 2016, Impact Imports obtained a loan for $80,000 from Idaho Banking Company, payable on October 31, 2017 with semi-annual interest payments at an annual rate of 6%. Drew and Suzanne believed this amount of a loan would be sufficient to keep them in business until they were generating positive cash flows from their operations. Impact Imports sent local designers and architects invitations to their grand opening event, which was held on November 5, 2016. They also advertised the event in the local newspaper and via flyers posted at other area merchants. The grand opening event featured wine and hors d'oeuvres as well as live music. The total cost of the advertising, food and entertainment for the grand opening was $3,300, which was paid in cash. A summary of other events for the first two months of operations follows: Retail sales for the two-month period ending December 31, 2016 totaled $32,000. All retail sales were for cash. The cost of the items sold to retail customers was $20,000. Wholesale sales totaled $94,000 for the two-month period ending December 31, 2016 Impact Imports extends credit to its wholesale customers, requiring that balances be paid within 30 days of purchase. All wholesale sales were made on credit and $77,000 of the total amount had been received in cash as of December 31, 2016. The cost of the items sold to wholesale customers was $73,000. During November 2016, Drew traveled to Indonesia and purchased some additional pieces of furniture to replenish their inventory before the holidays. Impact Imports paid $27,000 cash for the furniture, which arrived at the warehouse during the second week of December. A one-year insurance policy to cover miscellaneous liabilities was purchased on November 1, 2016 for $3,800. Wages earned by part-time employees during the two-month period ended December 31 2016 totaled $8,800. Wages paid during the two-month period totaled $7,800. The remaining $1,000 will be paid to employees on January 4, 2017, which is the end of the next payroll period. Invoices for miscellaneous expenses (including Eric Beem's consulting fee) totaling $4,600 were received and paid during November and December. On December 28, 2016, Impact Imports received an invoice in the amount of $1,250 from Idaho Power. Impact Imports intends to pay the bill on its due date in January 2017