Assume there is a small shoe store in your neighborhood with a single owner. The owner started the

business on December $1,2018$ and sells two types of shoes: a comfortable sneaker that is something

athletes would purchase, and a comfortable dress shoe that looks dressy but has the comfort of a

sneaker. The name of the business is The Shoe Horn. Complete tasks A and B that follow, using the

detailed instructions for each. Following is a list of all transactions that occurred during December $2018.$

a$.$ Dec$\mathrm{.}1$ Jack Simmons, the owner contributed a $$500,000$ check from his personal account, which he

deposited into an account opened in the name of the business, to start the business.

b$.$ Dec. $1$ He rented space that had previously been used by a shoe store and wrote check no$.100$ for

$$9,000$ for the first six month's rent.

c$.$ Dec. $2$ He paid for installation and phone usage $$300($check no$.101)$

d$.$ Dec$\mathrm{.}2$ He paid for advertising in the local paper $$150($check no$.102).$ The ads will all run in December.

e$.$ Dec. $2$ He purchased $$500$ of office supplies $($check no$.103)$

f$.$ Dec$\mathrm{.}3$ He paid $$300$ for insurance for three months $($December $2018,$ January and February $2019$ using

check no$,104).$

g$.$ Dec$\mathrm{.}4$ He purchased $800$ pairs of sneakers at $$40$ a pair$-$ on account from Nike $($using purchase order

no$.301).$ Payment terms were $\frac{2}{10},$ net $30.$ Assume the shoe store uses the perpetual inventory system.a$.$ Dec$\mathrm{.}1$ Jack Simmons, the owner contributed a $$500,000$ check from his personal account, which he

deposited into an account opened in the name of the business, to start the business.

b$.$ Dec$\mathrm{.}1$ He rented space that had previously been used by a shoe store and wrote check no$.100$ for

$$9,000$ for the first six month's rent.

c$.$ Dec. $2$ He paid for installation and phone usage $$300($check no$.101)$

d$.$ Dec. $2$ He paid for advertising in the local paper $$150($check no$.102).$ The ads will all run in Decembe

e$.$ Dec. $2$ He purchased $$500$ of office supplies $($check no$.103)$

f$.$ Dec$\mathrm{.}3$ He paid $$300$ for insurance for three months $($December $2018,$ January and February $2019$ usir

check no$,104).$

g$.$ Dec. $4$ He purchased $800$ pairs of sneakers at $$40$ a pair$-$ on account from Nike $($using purchase orde

no$.301).$ Payment terms were $\frac{2}{10},$ net $30.$ Assume the shoe store uses the perpetual inventory syste

h$.$ Dec. $5$ He purchased $500$ pairs of dress shoes from Footwear Corp. on account for $$20$ a pair $($using

purchase order no$.302).$ Payment terms were $2/10,$ net $30$

i$.$ Dec$\mathrm{.}10$ He made a sale on account of $20$ pairs of sneakers at $$100$ a pair, to a local University $-$

Highland University $($sales invoice number $2000)$ for their basketball team. Payment terms were $2/10$ r

j$.$ Dec$\mathrm{.}11$ He made a sale on account of $2$ pairs of dress shoes at $$50$ a pair $($sales invoice no$.2001)$ to a

local charity, U$.$S$.$ Veterans, that intended to raffle them off at one of their events.

k$.$ Dec$\mathrm{.}12$ He made a sale on account to The Jenson Group of $300$ pairs of dress shoes at $$50$ a pair, to

h$.$ Dec. $5$ He purchased $500$ pairs of dress shoes from Footwear Corp. on account for $$20$ a pair $($using

purchase order no$.302).$ Payment terms were $\frac{2}{10},$ net $30$