Discussion Module 1:
The data set for the discussion board is below and attached. Please input data into the following spreadsheet. There should be a spreadsheet done for each set of transactions.
1st Period of Transactions
1. Ava Lynn contributed $75,000 for 100 shares of stock in AvaL Enterprises
2. Rent was paid for $500 for the business space.
3. Fixtures were purchased for $10,000.
4. Inventory was purchased for $5,000.
5. Advertising for the grand opening was paid for in the amount of $150.
2nd Period of Transactions
1. Expenses of $300 were paid for the grand opening celebration.
2. $750 in cash was received for sales of inventory.
3. For the sale in #2, the inventory that was sold had cost $450 of the purchase in month 1.
4. The company took a loan from the bank for $25,000.
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