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Paddleboard Adventures, Inc. June 2016

Transactions Winter Term BA 211 

6/1 Owner invests $20,000 in the business in exchange for common stock

6/2 Business rents a retail space for $1,000

6/3 Business Purchases 10 paddleboard for $7,000

6/4 Business rents 5 paddleboards to customers for $50 each

6/5 Business purchases a trailer for $1,200, cash

6/7 Business offers a paddling clinic and 6 participant pay $100 each for clinic

6/8 Business pays $500 for a new storefront sign

6/9 A check is written for $1200 for insurance

6/10 Customers rent 10 paddleboards for $40 each

6/11 Business pays $250 to sponsor an upcoming paddleboard race

6/12 Owner invests an additional $5,000 in exchange for common stock

6/13 The owner purchases an additional 2 paddleboards specifically for rivers for $2200

6/14 A utility bill is received and paid in the amount of $120

6/15 The shop provides all the boards and delivery for a clinic to a nonprofit that will pay $1,000 at the end of the month

6/16 Business purchases $685 worth of shelving to help organize the equipment

6/17 Business purchases and donates a $100 lifejacket as a prize for the upcoming race

6/18 Customers rent 10 boards for $50 each for the upcoming race and pays cash

6/19 The business owes $200 to the State for various licensing fees pays with a check

6/20 Receive a $500 check from the nonprofit on 6/15

6/21 Business opens a visa card at an area credit union

6/22 Business pays the instructor from 6/7 clinic $200

6/23 Business has to do some wiring and modifications on the trailer that cost $145 (cash)

6/24 Business charges $85 on the new credit card for office supplies

6/25 A check is written for a telephone bill in the amount of $87


6/30 The insurance purchased 6/9 is for 12 months

6/30 Receives the Visa bill with fees and interest of $3 for the month

6/30 Board declares a $125 dividend to be p





Prepaid Insurance


River Paddleboards


Leasehold Improvements


Visa Card Payable

Dividends Payable

Accounts Payable


Common Stock

Dividends Retained



Rental Income

Clinic Income



Expense Rent


Office Supplies Expense

Insurance Expense

Contract Labor

License & Tax Expense

Banking Expense

Maintenance Expense

Utility Expense

Charitable Contributions

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