Good afternoon,

I am having trouble with the proper journal entries ( which transaction goes to which journal and how). I can most likely manage closing entries and financial statements but if you could help me out with at least first part of the attached assignment I would really appreciate it. Thank you in advance!

PS: The assignment is due by Friday

Fall 2016 BICC 109 Assignment - Sam's BBQ Submitted to: Professor Jason Gonsalves Due Date: Tuesday, December 6, 2016 @ 6:30 p.m. Paper Submission Only (Electronic copies will not be accepted) Sam Black has just completed a busy week organizing and supervising the annual April Fool's Day BBQ. This year's chicken, hot dog, and beer barbecue was sponsored by the students' society of his faculty as a combination public relations, fun, and fundraising activity. Sam had just returned from the bank, where he had deposited the proceeds of $2,810 and proudly announced that the bank balance now stood at $2,858, which represented "the most successful result of any barbecue." The following conversation took place between Sam Black and Herbert McAlister, the president of the students' society. "Congratulations on the successful barbecue, Sam," said McAlister. "Would you please transfer the $2,858 to the society's bank account tomorrow, so I can pay for the advance booking of the graduating class dance?" "I can't transfer all of the money," said Black. "I still have two bills to pay - $347 for the chicken and $630 for the material needed to build the barbecue. The chicken was all sold, but the barbecue should last for another two years. "And further," Black added, "10 of the 80 cases of beer that were delivered C.O.D. were not sold and are to be returned for a refund of $4.80 per case. And at the same time, the 65 cases of empties will be picked up, and the deposit of $0.60 a case will be returned. "I managed to sell the 24 dozen buns left over for $0.50 a dozen to Jill Rosen for a sorority party," continued Sam. "This was half the unit cost of the 120 dozen purchased, but at least they will be used. Jill didn't have the money with her and will pay me tomorrow." Spurred on by Herbert's interest, Black said he had also purchased barbecue sauce, condiments, and charcoal for $78 cash. Although there was a little barbecue sauce left over, it was given to the student helpers. In addition, $370 had also been spent on promoting the event. Intent on his explanation, Sam was unaware that Bill Hahn, the society's treasurer, had sidled up and heard the story. "From the sounds of it, last year's affair was more successful," announced Hahn. "Once you have paid your bills and repaid the $1,000 advance I gave you last week, you will have less than $900 left. This is $400 less than last year's 'Beer and Hot Dog' reported net income." Sam was deflated by the last comment, as well as a little confused. Help Sam Black out of his confusion by preparing all necessary journal entries (including closing entries), ledger accounts, and corresponding financial statements to support his position. Formatting is important, as Mr. Hahn is a CPA who expects pristine accounts and statements. 1