After nearly destroying the city of Springfield USA because of many near nuclear melt downs caused by Homer Simpson, Mr. Burns decided to go into selling cookies.On January 2, 2020, Mr. Burn continued his Good Old Fashion Cookies Empire.The company is still a merchandise company and still uses a perpetual inventory system.

1. produce the journal entries on the spread sheet

2.produce all adjusting journal entries

3.In good form, produce a multi step Income Statement, Statement of Retained

Earnings, Balance Sheet, and Statement of Cash Flow

16.April 10:Mr. Burns paid for the following expenses:Advertising $100,000, Office Salaries $80,000, Wages $40,000, and Utility $10,000. All expense transactions were settled with one payment transaction.

17.May 01:The Grocery Store bought $400,000 of cookies on account.Mr. Burns was still angry that his casino got shutdown so there were no discount terms.The cost of the inventory was $200,000

18.June 1:Having its own cash flow crunch, The Grocery Store paid Mr. Burns $100,000 and issued a note for $300,000.Against their better judgment, they agreed to the terms of 14%

19.June 2:Mr. Burns issued a 2:1 Stock Split

20.June 3:Mr. Burns bought back an additional 200,000 shares of Treasury Stock at $.50 per share

21. June 21: The following expenses accrued and are to be paid in a later month:Pension Expense $60,000, Health Insurance Expense $50,000, and Professional Fees $10,000.

22.July 1.Mr. Burns issued $600,000, 10 years (semi annual payments) coupon rate of 10%, market rate of 12%.Mr. Smithers gave this bond the code name Bond #1

23.July 1.Mr. Burns issued $500,000 bond (Bond #2) 10 years (semi-annual payments) coupon rate of 12%, market rate of 10%.

24. September 8: Mr. Burns paid the expenses accrued on June 21. The accrued expenses were paid with one check transaction.

25.October 1: The Grocery Store paid the principle of the note and the interest.

26 October 15:Mr. Burns wrote off the amount sitting in allowance for doubtful account because Abe Simpson refused to pay for the cookies he bought in 2019.Mr. Burns used $50,000 of personal funds to hire a hit squad to go after Abe Simpson.