Any help with this would be GREATLY appreciated.

SWEET TREATS PRACTICE SET Madison Carter spent much of her childhood learning the art of cookie-making from her grandmother. They spent many enjoyable hours mastering every type of cookie imaginable and later creating new recipes that were both healthy and delicious. Now at the start of her second year in college, Madison is investigating various possibilities for starting her own business as part of the requirements of the entrepreneurship program in which she is enrolled. A long-time friend insists that Madison has to somehow include cookies in her business plan. After a series of brainstorming sessions, Madison settles on the idea of operating a cookie-making school called \"Sweet Treats\". She will start on a part-time basis and offer her services "in-house\". Now that she has started thinking about it, the possibilities seem endless. During the fall. she will concentrate on holiday cookies. She will offer individual lessons and group sessions. Madison decides to operate Sweet Treats as a sole proprietorship beginning on October 8'\At the beginning of November, Madison decides to expand her business by selling fine European mixers. The owner of Batter Blender Supply Co. has approached Madison to become the exclusive distributor of these ne mixers in her state. The current cost of a mixer is approximately $575, and Madison plans to sell each for $1,150. Each appliance has a serial number and can be easily identied. Madison uses the perpetual inventory system to account for these ne mixers. She also decides to start using special journals and subsidiary ledgers to help keep track of her new customers and vendors, sales and purchases, and cash ows. (Hint: Refer to Chapter 11 to calculate the cost of inventory.) The following transactions occurred during the month of November. Nov. 4 6 7 10 12 15 20 21 22 23 26 2B 29 30 30 Bought ve mixers on account from Batter Blender Supply Co. for $2,875, terms nr'3D. Paid $100 freight on the November 4 purchase. Check 158. Returned one of the mixers to Batter Blender because it was damaged during shipping. Batter Blender issues Sweet Treats credit for the cost of the mixer. Bought four mixers on account from Batter Blender Supply Co. for $2,300, terms nl30. Madison is concerned that there is not enough cash available to pay for all of the mixers purchased. She invests an additional $2,000 cash in Sweet Treats. Paid $80 freight on the November 9 purchase. Check 159. Madison issued a check to her assistant for all the help at the elementary school on October 30. (Recall this amount was accrued at the end of October.) Check 160. Paid a $145 cell phone bill (Hint: Use Utilities Expense). Check 161. Paid Batter Blender the amount due from the November 4 purchase. Check 162. Collected $300 from the October 30 transaction with Newbury Elementary School. Three mixers are sold to Peter's Pastries on account for $3,450, terms nl'30. Invoice 1011. (Hint: You must record both the revenue and expense components on all sales transactions.) Sold two mixers for $2,300 cash. Collected the amount due from Peter's Pastries for the November 23 transaction. Paid Batter Blender the amount due from the November 9 purchase. Check 163. Paid her assistant for the last two weeks of November in the amount of $960. Check 164 Madison withdrew $750 cash for personal use. Check 165. At the beginning of December, Madison finds out that Batter Blender Supply Co. has raised the cost of their mixers to $600 each, so she will only make one more purchase from them this month. She was lucky enough to find comparable mixers at Garcia Co., a local manufacturer, so she has signed a contract to buy mixers from them this month. Garcia Co. also has a $600 cost for each mixer. She still plans to sell them for $1,150. Madison is running out of storage space in her small apartment, so she decides to rent a small office space to hold all of her supplies and inventory. Rent is due at the beginning of each month. The following transactions occurred during the month of December. Dec. 1 Paid $700 rent for the month of December. Check 166. 2 Purchased two mixers on account from Batter Blender Supply Co. for $1,200, terms n/30. 4 Paid $40 freight for the December 2 purchase. Check 167. 6 Sold one mixer for $1, 150 cash to Fresh Greens. 7 Bought four mixers on account from Garcia Co. for $2,400, terms n/30. 10 Paid Batter Blender the amount due for the December 2 purchase. Check 168. 11 Three mixers are sold on account for $3,450 to Bakery Buns, invoice 1012, terms n/30. 12 Bought five mixers on account from Garcia Co. for $3,000, terms n/30. 3 Paid $80 freight for the December 7 purchase. Check 169. 14 Returned one of the mixers to Garcia Co. that was purchased on December 7 because it was damaged during shipping. Garcia issues Sweet Treats a credit for the cost of mixer. 15 Collected the amount due from Bakery Buns for the December 11 transaction. 16 Three mixers are sold on account for $3,450 to the Chop House, invoice 1013, terms n/30. 17 One mixer is sold to a new customer, Bagel Depot, on account for $1, 150, invoice 1014, terms n/30. 18 Paid a $75 cell phone bill for December. Check 170. 19 Paid $100 freight for items received on the December 12 purchase. Check 171. 20 Taught a 3hr cupcake making class at Winslow Sweets for $150 per hour. Winslow Sweets paid in full at the end of the class. 20 Paid Garcia Co. the amount due for the December 7 purchase. Check 172. 20 Collected the amount due from Chop House for the December 16 transaction. 21 Purchased baking supplies for $350 cash. Check 173. 23 Issued a check to Madison's assistant for $960 for the first two weeks in December. Check 17424 24 26 27 Four mixers are sold on account for $4,600 to the Seafood Shack, invoice 1015, terms nl30. Taught a 2hr holiday cookie workshop at Young Souls, the local senior center. Madison offered her workshop at a discounted price of $50 per hour. She left invoice 1016 with the director of Young Souls after the workshop. Collected the amount due from Bagel Depot for the December 17 transaction. Madison withdrew $1,200 cash for personal use. Check 175. As of December 31, the following adjusting entry data is available. 1. 2. B. Accrued utilities total $340 for the current month. Another month's worth of depreciation needs to be recorded on the baking equipment. . A count reveals that $135 of baking supplies are remaining in the supply room. . Another month's worth of insurance has expired. Madison owes her assistant $960 for the last two weeks of December, but will not pay it until January 2. Madison records another month of accrued interest on her grandma's loan. At year end, Madison completes all the nancial statements and closes out the year. Madison is making huge strides in her entrepreneurship program by starting up Sweet Treats and she cannot thank her friends and family enough for all their support. In the new year, Madison intends on continuing to sell mixers and provide classes on multiple baking needs. She is even considering attending culinary classes at CNM to learn new things she can incorporate into her business. General Journal J2 Date Account Titles and Explanations Ref. Debit Credit Oct. 31 Supplies Expense 35 Supplies 35 (Baking supplies consumed in the year) Oct. 31 Depreciation Expense 20 Accumulated Depreciation 20 [To record deprecation) Oct. 31 Interest Expense 35 Interest Payable 35 (Interest accured) Oct. 31 Salary & Wages Expense 45 Salary & Wages Payable 45 (Salary to be paid) Nov. 4 Inventory 2875 Accounts Payable 2875 [Mixers purchased on account) Nov. 6 Cost of Goods Sold 100 Cash 100 Nov. 7 Accounts Payable 575 Inventory 575 (Mixer returned) Nov. 9 Inventory 2000 Accounts Payable 2000 (Mixers purchased on account) Nov. 10 Cash 2000 Owner's Capital 2000 (Amount invested in business Nov. 12 Cost of Goods Sold 80 Cash 80 (Freight paid on purchase) Nov. 15 Salary and Wages Payable 45 Cash 45 (Salary paid)General Journal J3 Date Account Titles and Explanations Ref. Debit Credit Nov. 20 Utlities Expense 145 Cash 145 (Cell phone bill paid) Nov. 21 Accounts Payable 2300 Cash 2300 Check 162 Nov. 22 Cash 300 Accounts Recievable 300 (Received from Newbury Elementary School) Nov. 23 Accounts Recievable 3450 Sales Revenue 3450 (Invoice for Pete's Pastries) Nov. 23 Cost of Goods Sold 1725 Inventory 1725 (Mixer sold) 6 Nov. 26 Cash 2300 8 Sales Revenue 2300 Cash Sale) Nov. 26 Cost of Goods Sold 1150 Inventory 1150 [Mixer sold) Nov. 28 Cash 3450 Accounts Recievable 3450 (Received from Pete's Patries) Nov. 29 Accounts Payable 2300 Cash 2300 (Paid to Batter Blender Co.) Nov. 30 Salary and Wages Expense 960 Cash 960 Salary paid) 6 Nov. 30 Owner's Drawings 750 Cash 750 (Cash withdrawl for personal use)\fNH General Ledger Cash No. 101 3 Date Explanation Ref. Debit Credit Balance 4 Oct. 8 Owner's Capita 500.00 500.00 5 Oct. 11 Advertising Expense 65.00 435.00 6 Oct. 13 Supplies 125.00 310.00 7 Oct. 16 Note Payable 5,000.00 5,310.00 8 Oct. 18 Equipment 900.00 4,410.00 9 Oct. 20 Service Revenue 125.00 4,535.00 10 Oct. 25 Owner's Drawing 100.00 4,435.00 11 Oct. 30 Prepaid Insurance 1,320.00 3,115.00 12 Nov. 1 Opening Balance 3,115.00 13 Nov. 6 Cost of Goods Sold 100.00 3,015.00 14 Nov. 10 Owner's Capital 2,000.00 5,015.00 15 Nov. 12 Cost of Goods Sold 80.00 4,935.00 16 Nov. 15 Salary & Wages Payable 45.00 4,890.00 17 Nov. 20 Utlities Expense 145.00 4,745.00 18 Nov. 21 Accounts Payable 2,300.00 2,445.00 19 Nov. 22 Accounts Recviable 300 2,745.00 20 Nov. 26 Sales Revenue 2,300.00 5,045.00 21 Nov. 28 Accounts Recviable 3,450.00 8,495.00 22 Nov. 29 Accounts Payable 2,300.00 6,195.00 23 Nov. 30 Salary & Wages Expense 960.00 5,235.00 24 Nov. 30 Owner's Drawings 750.00 4,485.00 25 26 Accounts Receivable No. 112 27 Date Explanation Ref. Debit Credit Balance 28 Oct. 30 Service Revenue 300.00 300.00 29 Nov. 22 Cash 300.00 30 Nov. 23 Sales Revenue 3,450.00 3,450.00 31 Nov. 28 Cash 3,450.00 32 33 34 35 36 37 Inventory No. 120 38 Date Explanation Ref. Debit Credit Balance 39 Nov. 4 Accounts Payable 2,875.00 2,875.00 40 Nov. 7 Accounts Payable 575.00 2,300.00 41 Nov. 9 Accounts Payable 2,300.00 4,600.00 42 Nov. 23 Cost of Goods Sold 1.725.00 2.875.00 Chart of Accounts General Journal General Ledger Cash Receipts JournalOwner's Capital No. 301 2 Date Explanation Ref. Debit Credit Balance $3 Oct. 8 Cash 500.00 500.00 Oct. 14 Equipment 300.00 800.00 Nov. 10 Cash 2,000.00 2,800.00 19 10 Owner's Drawing No. 306 Date Explanation Ref Debit Credit Balance 12 Oct. 25 Cash 100.00 100.00 13 Nov. 30 Cash 750.00 850.00 14 16 18 19 Income Summary No. 350 Date Explanation Debit Credit Balance 6 Service Revenue No. 400 Date Explanation Ref. Debit Credit Balance 8 Oct. 20 Cash 125.00 100.00 9 Oct. 30 Accounts Recievable 300.00 425.0076 Sales Revenue No. 401 Date Explanation Ref. Debit Credit Balance 8 Nov. 23 Accounts Recievable 3,450.00 3,450.00 79 Nov. 26 Cash 2,300.00 5,750.00 30 31 32 33 84 6 Cost of Goods Sold No. 505 37 Date Explanation Ret. Debit Credit Balance 38 Nov. 6 Cash 100.00 100.00 39 Nov.12 Cash 80.00 180.00 90 Nov. 23 Inventory 1,725.00 1,905.00 1 Nov. 26 Inventory 1,150.00 3,055.00 2 3 5 6 Advertising Expense No. 610 7 Date Explanation Ref. Debit Credit Balance 8 Oct. 11 Cash 65.00 65.00 9 1 2 13 4 Baking Supplies Expense No. 631 05 Date Explanation Ref Debit Credit Balance 06 Oct. 31 Baking Supplies 35.00 35.00 10 1 12 Depreciation Expense No. 711 13 Date Explanation Ref. Debit Credit Balance 14 Oct. 31 Accumulated Depreciation 20.00 20.00 6 Chart of Accounts General Journal General Ledger Cash Receipts Jour\f\f\fPurchases Journal P1 Inventory Dr. Date Account Credited Terms Ref. Accounts Payable Cr. Nov. 4 Accounts Payable 2,875.00 Nov. 9 Accounts Payable 2,300.00 November Totals 5,175.00 Accounts Purchases Journal P2 Inventory Dr. Date Account Credited Terms Ref. Accounts Payable Cr. December Totals Accounts\f\fB C D E F G H I K L M A UAWNK Accounts Payable Subsidiary Ledger Batter Blender Supply Co. Garcia Co. Credit Credit Balance Ref Debit Balance Ref. Debit Date Date 10 11 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33November Worksheet Trial Balance Adjustments Adjusted Trial Bal. Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 3,115.00 1,370.00 4,485.00 4,485.00 Accounts Receivable 300.00 300.00 Inventory 1,725.00 1,725.00 1,725.00 Baking Supplies 90.00 90.00 90.00 Prepaid Insurance 1,320.00 1,320.00 1,320.00 Equipment 1,200.00 1,200.00 1,200.00 Accum. Depr.-Equipment 20.00 20.00 20.00 Notes Payable 5,000.00 5,000.00 5,000.00 Accounts Payable Salaries and Wages Payable 45.00 45.00 Interest Payable 35.00 35.00 35.00 Owner's Capital 1,025.00 2,000.00 3,025.00 3,025.00 Owner's Drawings 100.00 850.00 850.00 850.00 Service Revenue Sales Revenue 5,750.00 5,750.00 5,750.00 Cost of Goods Sold 3,055.00 3,055.00 3,055.00 Advertising Expense Baking Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense 960.00 960.00 960.00 Rent Expense Utilities Expense 145.00 145.00 145.00 Interest Expense TOTALS 6,125.00 6,125.00 Net Income 1,590.00 1,590.00 TOTALS 5,750.00 5,750.00 9,670.00 9,670.00December Worksheet Trial Balance Adjustments Adjusted Trial Bal. Income Statement Balance Sheet Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash Accounts Receivable Inventory Baking Supplies Prepaid Insurance Equipment Accum. Depr.-Equipment Notes Payable Accounts Payable Salaries and Wages Payable Interest Payable Owner's Capital Owner's Drawings Service Revenue Sales Revenue Cost of Goods Sold Advertising Expense Baking Supplies Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Rent Expense Utilities Expense Interest Expense 9 TOTALS Net Income TOTALS