I am having a hard time with this assignment, can you solve it from start to finish including the journal entries and t accounts? Thank you!

NAME: Harriet's Hats, Inc. Harrict's Hats is a fictional company. The following information includes the balance sheet as of December 31, 2016, and the details of the transactions that occurred during 2017 Background: Harriet's Hats is a hat retailer (in other words, Harrict's buys hats from a hat manufacturer and then sells them in their stores). Transactions for 2017 are representative of such a company's business activities. HINT: Read through the entire assignment at least twice before beginning to do any work. This will help you familiarize yourself with all of the important facts. Transactions for 2017: Sales and Accounts Receivable a. Harriet's hats during 2017 had a sales price of $80 per hat. All sales were made on account. b. Cash collections on account amounted to $980,000 c. On July 1, 2017, Harriet's identified $40,250 of receivables as being uncollectible and wrote them off. d. Harriet's follows a percentage-of-receivables approach to estimate their accounts receivable that will become uncollectible. As of the end of 2017, Harriet's estimates that 10% of their receivables will be uncollectible. Inventory a. Harriel's began 2017 with 1,900 hals which had a cost of $40 each. Employees physically counted 2,690 hats remaining in the warehouse at the end of 2017. Harriet's uses a periodic LIFO inventory system to cost their inventory. The following purchases (all on accounl) were made during 2017: i. January 15th - 4,250 hats @ $43.00 each ii. March 22nd - 2,900 hals a $45.00 each iii. August 54 - 3,420 hats @ $47.00 each iv. October 26th - 6,020 hats @ $50.00 each b. During 2017, Harriet's made cash payments to inventory suppliers on the following dates: i. January 290 - $146,200 ii. April 16th - $156,600 iii. October 2nd - $160,740 iv. November 300 $270,900 3. Property, Plant and Equipment a. Harriet's uses straight-line depreciation for all of its store fixtures and office equipment. b. Below is a schedule of the store fixtures and office equipment Harriet's had in place at the end of 2017. FIXTURES AND EQUIPMENT (as of December 31, 2017) ID # 1 Historiaa! Estimated Estimated Date acquired Cost Useful Life Salmge Value 1256 $60,000 12 years SO Jan. 1, 2007 1876 $100,000 10 years $15,000 Jan 1, 2008 4299 $92,000 15 years $5,000 Jan 1, 2009 c. On April 1, 2017 new store fixtures were purchased for $42,000 in cash. Harriet's expects the fixtures to have a 10 year useful life and a $4,000 salvage value. d. On October 1, 2017 office equipment (ID#1876) was sold for $16,825. Debt a. On August 1, 2017, Harriet's paid off the note payable that was outstanding at the beginning of the period. The note had an 10% interest rate, had been issued on August 1, 2016, and required semiannual interest payinents on Jan 31, 2017 and July 31, 2017 b. On October 1, 2017, Harriet's borrowed S120,000 on a new note payable. The new note carries a 6% interest rate with semiannual interest payments required on March 31, 2018 and September 30, 2018. 5. Operations a. Harriet's made a rent payment of $51,000 on August 1, 2017. The payment was for rent on the store building and was prepaid for one year. The balance in the prepaid accounl al lhe end of 2016 represents the rent for January through July 31, 2017 that was paid for on August 1, 2016. b. Cash paid oul during 2017 for wages Lolaled $142,000. Records indicale lhal salaries for the last week of December 2017 amounted to $25,000 and will be paid at the end of the first week in January 2018 (a two-week pay period). c. Other expenses (paid in cash) totaled $38,000. 6. Income Taxes a. On March 15, 2017, Harriet's paid their 2016 income taxes. Harriet's will pay their 2017 income taxes on March 15, 2018. Harriet's has a 40% income tax rate for both 2016 and 2017 Common Stock a. On December 1, 2017, dividends of $35,000 were declared and paid. b. On January 1, 2017, Harriel's issued 10,000 additional shares of common stock for $10 per share. Required: Using the journal and T-accounts provided, record the transactions that occurred during 2017, If no specific date is provided for a transaction, leave the date column blank. IMPORTANT: Since there are several transactions for which no dale is given, the journal entries do NOT need to be in chronological order. All adjusting and closing entries should have December 31, 2017 as the date. Prepare the balance sheet, statement of retained earnings and income statement for Harriet's Hats, Inc. for the year ended December 31, 2017 Record the closing entries for the company (this step is often skipped, don't lose these points). Check Figures: 2017 Gross Profit Percentage: 41.375% 2017 Current Ratio: 1.9799 2017 Profit Vargin: 9.376% $ 64,000 Harriet's Hats Balance Sheel For the Year Ended December 31, 2016 Assels Cash Accounts Receivable 187,000 Less: Allowance for Doublul Accounts (18,700) Net Accounts Receivable Prepaid Rent Inventory Total Current Assets 168,300 25,200 76,000 333,500 $ 252,000 (172,900) Property, Plant, and Equipment Less: Accumulated Depreciation Net Property, Plant, and Equipment Total Assets 79,100 412,600 $ Liabilities and Owner's Equity Accounts Payable Wages Payable Interest Payable Income Taxes Payable Notes Payable Tolal Current Liabilities 54,000 18,000 3,750 32,500 90,000 198,250 Common Stock (5,000 shares outstanding, $1 par) Additional Paid In Capital Retained Earnings Total Liabilities and Owner's Iquily 5,000 15,000 194,350 412,600 $ Harriet's Hats Journal Entries Date Account Debit Credit Harriet's Hats Journal Entries Date Account Debit Credit Harriet's Hats Journal Entries Date Account Debit Credit $ Cash 64,000 Accounts Receivable 187,000 Allowance for Doubtful Accounts 18,700 S Prepaid Rent 25,200 Inventory 76,000 Property, Plant, and Equipment 252,000 Wages Payable Accumulated Depreciation $ 172,900 Accounts Payable 54,000 18,000 Interest Payable Noles Payable Income Taxes Payable S 32,500 3,750 90,000 Common Stock Relained Earnings Additional Paid In Capital $ 15,000 5,000 194,350 Sales Revenue Purchases Cost of Goods Sold Rent Expenses Interest Expense Bad Dchts Expense Depreciation Expense Wages Expense Other Expenses Gain/Loss on Sale of Equipment Income Tax Expense Dividends Harriet's Hats Balance Sheet As of December 31, 2017 Harriet's Hats Income Slalement For the Year Ended December 31, 2017 Sales Less: Cost of Goods Sold Gross Profil Assets Cash Accounts Roccivable Less: Allowance for Doubtful Accounts Net Accounts Receivable Prepaid Rent Inventory Total Current Assets Operating Expenses Rent Expense Interest Expense Bad Debts Expense Depreciation Expense Wuges Expense Other Operating Expenses Tolal Opraling Expenses Properly, Plant, and Equipment Less: Accumulated Depreciation Nel Properly, Planl, and Equipment Total Assets Other gains and losses Gain/ Loss on sale of equipment Income before incomo laxes Income taxes Net Income Liabilities and Owner's Equity Accounts Payable Wagos Payable Interest Payable Income Taxos Payable Notes Payable Total Current Liabilities Basic Earnings Per Sharo Harriet'. Hats Statement of Retained Earnings For the Year Ended December 31, 2017 Beginning Relamed Earnings Plus: Net Income Less: Dividends Ending, Reluined Earnings Common Stock Shares Outstanding, par) Additional Paid In Capital Retained Earnings Total Liabilities and Owner's Equity