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Check my work P3-4 (Algo) Analyzing the Effects of Transactions Using T-Accounts, Preparing an Income Statement, and Evaluating the Net Profit Margin Ratio as a Manager LO3-4, 3-5, 3-6 [The following information applies to the questions displayed below.) Kaylee James, a connoisseur of fine chocolate, opened Kaylee's Sweets in Collegetown on February 1. The shop specializes in a selection of gourmet chocolate candies and a line of gourmet ice cream. You have been hired as manager. Your duties include maintaining the store's financial records. The following transactions occurred in February, the first month of operations. a. Received four shareholders' contributions totaling $28,300 cash to form the corporation; issued 400 shares of $0.10 par value common stock. b. Paid three months' rent for the store at $1,700 per month (recorded as prepaid expenses). c. Purchased and received candy for $5,700 on account, due in 60 days. d. Purchased supplies for $1.430 cash. e. Negotiated and signed a two-year $15,000 loan at the bank, receiving cash at the time. f. Used the money from (e) to purchase a computer for $3,300 (for recordkeeping and inventory tracking); used the balance for furniture and fixtures for the store. 9. Placed a grand opening advertisement in the local paper for $430 cash; the ad ran in the current month. h. Made sales on Valentine's Day totaling $3,300; $2,635 was in cash and the rest on accounts receivable. The cost of the candy sold was $1,500 i. Made a $570 payment on accounts payable. J. Incurred and paid employee wages of $1,100. k Collected accounts receivable of $145 from customers. 1. Made a repair to one of the display cases for $145 cash. m. Made cash sales of $3,200 during the rest of the month. The cost of the candy sold was $2,010. 3. Prepare an unadjusted income statement at the end of the first month of operations ended February 28. KAYLEE'S SWEETS Income Statement (unadjusted) At February 28 For the Month Ended February 28 complete general journal for transactions a,b,c &d. Drop down menu include: no journal entry required accounts payable accounts receivable additional paid in capital advertising expense cash commission expense common stock consulting expense cost of good sold equipment fuel expense Game revenue insurance expense interest expense interest revenue inventory land miscellaneous expense Notes payable long term Notes payable short term notes payable prepaid expenses property, plant and equipment rent expense rent revenue repairs expense retained earnings sales revenue supplies supplies expense total expenses unearned revenue utilities expense wage expense wages payable