You set up a bank account and acquire a business credit card. April 1 The bank will charge you a fee of $12 at the end of each month. April 2 You borrow $1,600 from the bank. April 3 April 4 April 5 April 6 April 7 April 8 April 10 You deposit $5,000 of your own money into the business bank account. Your parents lend you an additional $5,000. They will not charge you interest, but want to be paid back within three years. You register your business name for $60 with Service Ontario, using the business credit card. You purchase, using your business credit card, supplies (i.e. varnish, shellac) for $500 plus HST. You purchase, using your business credit card, $4,100 worth of power tools from Home Depot. HST is already included. You buy a two-year liability insurance policy for $2,400, plus 8% tax, paying cash. You purchase for $300 cash, plus HST, 600 flyers to advertise your business. You haven't used any yet. April 11 You pay a student $80 cash to distribute 400 of your flyers.