Nov 125101515162830Darrell Palusky invested $350,000 personal cash in the busine

Nov 125101515162830Darrell Palusky invested $350,000 personal cash in the busine

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Nov 125101515162830Darrell Palusky invested $350,000 personal cash in the businessby depositing that amount in a bank account titled Party TimeAmusements. The business gave capital to Palusky.Paid $300,000 cash to purchase a theater building.Borrowed $220,000 from the bank. Palusky signed a note payableto the bank in the name of Party Time.Purchased theater supplies on account, $1,700.Paid $800 on account.Paid property tax expense on theater building, $1,200.Paid employees salaries $2,800, and rent on equipment $1,800.Make a single compound entry.Palusky withdrew $6,000.Received $20,000 cash from service revenue and deposited thatamount in the bank.Party Time Amusements uses the following accounts: Cash; Supplies; Building;Accounts payable; Notes payable; Darrell Palusky, Capital; Darrell Palusky,Withdrawals; Service revenue; Salary expense; Rent expense; Property tax expense.

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