On February 1, Charles paid three months’ rent for the store in advance at $4,000 per month. That same day, Charles purchased supplies for the store in the amount of $2,000 in cash from the Stowe Supply Co. The store received a delivery of candy from the Green Mountain Chocolate Factory worth $11,000 on February 1, just in time to open the store. Charles placed the order January 15. Because the store is just starting up, Charles purchased the candy on credit. The bill for the candy is due in 60 days. Charles took out an insurance policy to cover the store in the amount of $2,400. This is an annual policy that Charles paid for all at once on February 1. In order to have enough cash to pay employees and to purchase additional supplies and equipment for the store, Charles took out a loan from the Chittenden County bank in the amount of $30,000 on February 2. The loan is due in 2 years. As the new employee responsible for maintaining the store’s accounting records, you realize that you will need a computer for recordkeeping and tracking inventory. You express your concern to Charles, and on February 3, he purchases a computer costing $5,000. Charles pays cash for the computer. That same day, Charles purchases furniture and fixtures for the store (shelving to display the chocolates, other display cases, etc.) for $18,500. You determine that the useful life of the computer is 3 years, and the useful life of the furniture and fixtures is 5 years. Charles decides to pay cash for the furniture and fixtures as well. In order to let people in Stowe know about his new store, Charles takes out an advertisement in the Stowe Gazette on February 3 announcing the grand opening of the store. The advertisement cost $1,500. Because the Stowe Gazette is a small business, they do not accept credit. Charles therefore had to pay cash for the advertisement.
Charles Price, a connoisseur of fine chocolate, opened Charles’ Fine Chocolate Co. in Stowe, VT on February 1, 2019, by investing $30,000 in cash into the business. The shop specializes in a selectio
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