Bag-One Sports Inc. sells hunting and fishing equipment and provides guided hunting and fishing trips. Bag-One Sports Inc. is owned and operated by Marc Trailer, a well-known sports enthusiast and hunter. Marc’s wife, Robin, owns and operates Red Bird Boutique Inc., a women’s clothing store. Marc and Robin have established a trust fund to finance their children’s college education. The trust fund is maintained by First Wyoming Bank in the name of the children, Sparrow and Trout. For each of the following transactions, identify which of the entities listed should record the transaction in its records.
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Entities
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B
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Bag-One Sports Inc.
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F
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First Wyoming Bank
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R
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Red Bird Boutique Inc.
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X
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None of the above
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1. Marc received a cash advance from customers for a guided hunting trip.
2. Robin deposited a $5,000 personal check in the trust fund at First Wyoming Bank.
3. Robin purchased three dozen spring dresses from a Denver designer for a special spring sale.
4. Marc paid a local doctor for his annual physical, which was required by the workmen’s compensation insurance policy carried by Bag-One Sports Inc.
5. Marc paid for an advertisement in a hunters’ magazine.
6. Robin purchased mutual fund shares as an investment for the children’s trust.
7. Marc paid for dinner and a movie to celebrate their tenth wedding anniversary.
8. Robin donated several dresses from inventory for a local charity auction for the benefit of a women’s abuse shelter.
9. Marc paid a breeder’s fee for an English springer spaniel to be used as a hunting guide dog.
10. Robin paid her dues to the Cheyenne Garden Club.