BUAD 111 Project - Part 5 Your business is growing and operations in 2021 have been quite successful. Your business has purchased more equipment. It has also added another revenue streame selling juicing machines to the public. You have a friend at Dilan Manufacturing that has agreed to sell you high quality Juicing machines at a wholesale price so you can sell them to the publicat a profit 001- 20 The business has the following trial balance as at November 30, 2021: 01 0 Name of Your Business Adjusted trial balance November 30, 2021 110 Cash 07- 0 5,037 130 Accounts receivable 2150 135 Inventory 2250 140 Supplies 118 160 Equipment aluation of assor 4,650 161 Accumulated depreciation 1 HE P3 November 30, 2021 110 Cash 5,037 130 Accounts receivable 2,150 135 Inventory 2250 140 Supplies 118 160 Equipment 4650 161 Accumulated depredation 1.540 210 Accounts payable 63 230 Unearned revenue 652 240 Wages payable 2015 terest payable 260 Notes payable 21 370 capital 5,000 drawings 9,562 410 asternut 5.778 55 cost of goods sold 12600 500 g expert 6560 1.410 ORI 3 le Moodle Help Copyright lolo Manual Login Link COVID-19 Resources Student Services 29,439 29,438 The $2250 inventory balance is comprised of 3 juicing machines that cost $750 each. The note payable is to the bank and interest is paid on the 1st day of each month. You had paid off the loan to your mother early in 2021 The following transactions happen during the month of December, 2021 Dec 1 2 9 You paid the November interest owing on the bank loan. You issued cheque $317. You collected 5990 cash from a customer, on account to whom you had previously sold a juicing machine You paid the November 30 balance of accounts payable. You issued cheque 1318 You purchased, on account 3 more juicing machines for $780 each (excluding freight). The purchase invoice also included a $51 freight charge for the cost of transporting the machines from the vendor to your place. NOTE: Since you will use the HEO cost-flow assumption you should make a "FIFO Inventory Record (See textbook Illustration 6.5) for your juicing Machine inventory You buy $202 of supplies such as protein powder, cups, straws, and fresh fruit and vegetables, on account You sold, on account, two juicing machines to Bol's Fitness for $990 each. You will use the FIFO method of recording inventory transactions You must and deliver a batch of smoothies to Fred's Yoga Studio and you ISSUE e sales invoice of 5365. The invoice is payable in 30 days. You paid the amount owing on the December 11 purchase. You issued cheque #319 You purchased, on account more juicing machines for $790 each fexcluding freight. The purchase inice also induded a 540 freight charge for the cost of transporting the machines from the vendor to your place You paid 585 cash for repairs done to some equipment. You issued cheque 9320 12 14 21 22 27 28 You sold on account two juicing machines to the owners of City Contemporary Dance Studio Remember that right is part of inventory). The lignce of ach machine was 5990 You mcd5103-bill for your business cell phone service for December I 23 27 28 You poid the amount owing on the December 11 purchase. You issued cheque #319 You purchased, on account, 2 more juicing machines for $790 each (excluding freight). The purchase invoice also included a $40 freight charge for the cost of transporting the machines from the vendor to your place. You paid $85 cash for repairs done to some equipment. You issued cheque 0320 You sold, an account, two juicing machines to the owners of City Contemporary Dance Studio (Remember that freight is part of inventory). The selling price of each machine was $990. You received a $103 e-bill for your business cell phone service for December and you paid it immediately. You issued cheque 321. You collected $1980 cash from a customer whom you had on December 14, sold two juicing machines You paid a casual worker $73 cash for wages for work done in December. You issued cheque #322 29 30 31 31 instructions 1. Prepare the FIFO inventory record see illustration 66 in the textbook) to determine the cost of goods sold and ending inventory resulting from the inventory purchases and Sales noted in the transactions above. You will need the cost of goods sold to complete the journal entry for the December 14 and 29 sales b. Prepare the journal entries for the transactions that occurred in December, 2021. For transactions affecting Cards, include the cheque number in the explanation Post the journalties to the general ledger Prere an unausted trial balance