You are following Paul around for the first year as he starts his guitar store called Paul$$s Guitar Shop, Inc. Here are the events that take place.

$1.$Paul forms the corporation by purchasing $10,000$ shares of $$1$ par stock.

$2.$PGS takes out a bank loan to renovate the new store location for $$100,000$ and agrees to pay $$1,000$ a month. He spends all of the money on improving and updating the store$$s fixtures and looks.

$3.$ PGS purchases $$50,000$ worth of inventory to sell to customers on account.

$4.$PGS$$s first rent payment $$500$ is due.

$5.$PGS has a grand opening and makes it first sale. It sells a guitar on account for $$500$ that cost $$100.$

$6.$PGS pays electric bill for $$200.$

$7.$PGS pays for supplies of $$500$ to use around the store.

$8.$Paul is getting so busy that he decides to hire an employee for $$500$ a week. Paul makes his first payroll payment.

$9.$PGS$$s first vendor inventory payment is made of $$1,000.$

$10.$Paul starts giving guitar lessons and receives $$2,000$ in lesson income.

Required:

Record business transactions using double entry bookkeeping, books of prime entry, journals and ledger accounts

Suggestion:

$(1).$ Record the above double entry bookkeeping transactions in a timely and accurate way.$($p$1)$

$(2).$Record all transactions in the journal and post them to the ledger.

$(3)$Analyze the transactions $($M$1)$ and conduct systematic gathering $,$ summarizing and recording of business transactions.