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Mrs. Ellen often purchases custom cookies from Sweet M's Custom Cookies. Michaela Smith customizes sugar cookies for many occasions. When Mrs. Ellen went to pick up cookies for her son's Sth birthday. Michaela found out that she was an Accounting teacher and asked her for assistance in organizing her business's finances She opened her business on November 30th and her Trial Balance was as follows: Set M. Custom Cookies November 2010 ACCOUNTRIES CR DA FEST H. AL Ave Mode 200 Dant. M CH 2 Michaela would like you to journalize the transactions for the month of December using the Chart of Accounts found below. SALOMON SEGUNTY 105 Stel - 110 - Chat we 239 ge HO A 19 ore BUS Dette NOHERMORO ww- vite Avsperrey 20 Important Notes 1) Michaela has set up her fiscal year to align with the calendar year, she must calculate the adjustments as at December 31, 2019 2) The ledger accounts have been opened with the balances from the trial balance. Complete the following: A. Journalise the transactions for the month of December in the general journal, B. Post the transactions for December in the general ledger C. Balance the lediger by means of a trial balance on the worksheet. D. Prepare the adjusting entries on the worksheet. E. Complete the income Statement and Balance Sheet section of the Worksheet F. Prepare an income statement for the month of December 31, 2019 G. Prepare a balance sheet as of December 31, 2019. H. Adjusting Entries Journalized and Posted, 1. Closing Entries Journalized and Posted 1. Post Closing Trial Balance December 2019 Transactions - start journalizing on page 5 of the general journal December 1 Cheque Copy TO TD Insurance, for 12 months of automobile insurance for $1,800. 2 Cheque Copy Michaela pays $325 plus HST for advertising in a local community newspaper. Michaela hopes that this ad will generate revenue during December 4 Sales Invoice TO J. T. Tuck Public School for a cookie event for Grade 3 students. $600.00 plus HST for services rendered on account 6 Purchase Invoice Received from Superior Bakery Supplies for baking supplies, $442 plus HST. 9 Cheque Copy To J.P. Motors, on account, $400.00. 10 Bank Debit Memo Received a memorandum from the bank stating that $150.00 had been deducted from the business bank account to pay for bank interest expense. 11 Cash Receipt Received a cheque from Port Nelson United Church, in full payment of the account balance 13 Cheque Copy To Virgin Mobile, for November cell phone bill, on account, $85.88 17 Purchase Invoice Received from Superior Bakery Supplies for baking supplies, $198 plus HST. 21 Sales Invoice Michaela receives an unexpected invitation to teach cookie-making classes at a children's Christmas party at Port Nelson United Church. $750 plus HST, on account. 31 Remittance to the Federal Government of HST for the month of November. (Hint: The balance from the Trial Balance is the amount to be remitted. No amounts from December are being considered.) Adjusting entries 1. A company automobile was purchased on November 30. The price of the automobile was $15,500. Estimated useful life = 8 years, Salvage value of $5,700. Straight-line depreciation is applied. 2. Baking Equipment was purchased on November 30. The estimated useful life is 10 years. Straight-line depreciation is applied. 3. Baking Supplies on hand at year end were $45.00. 4. Automobile Insurance was purchased on December 1. Mrs.Ellen often purchases custom cookies from Sweet M's Custom Cookies. Michaela Smith customizes sugar cookies for many occasions. When Mrs. Ellen went to pick up cookies for her son's 5th birthday, Michaela found out that she was an Accounting teacher and asked her for assistance in organizing her business's finances. She opened her business on November 30th and her Trial Balance was as follows: Sweet M's Custom Cookies Trial Balance November 30, 2019 ACCOUNT NAMES CR DR 4,574.78 768 40 217.80 1 825.00 15,500.00 14 235.00 85.88 2. 190.90 Bank AVR-Port Nelson United Church Baking Supplies Baking Equipment Automobiles A/P.J.P. Motors A/P. Virgin Mobile HST Payable HST Recoverable Bank Loan M Smith Capital M. Smith Drawings Cookie Revenue Advertising Expense Automobile Expense Cell Phone Expense 2.326.35 3,200.00 5.737.75 1.125.00 1.530.00 200 00 268.20 174.00 26.97953 26.979.53 Michaela would like you to journalize the transactions for the month of December using the Chart of Accounts found below. CHART OF ACCOUNTS 105 ASSETS 100 Bank A/R-John T. Tuck Public School 110 A/R-Port Nelson United Church 115 Prepaid Insurance 120 Baking Supplies 125 Baking Equipment 130 Acc. Dep. - Baking Equipment 135 Automobiles 140 Acc. Dep. - Automobiles 145 LIABILITIES 200 A/P. P. Motors 210 A/P - Virgin Mobile 215 A/P-Superior Bakery Supplies 218 HST Payable 220 HST Recoverable 225 Bank Loan 235 OWNER'S EQUITY M. Smith, Capital M. Smith, Drawings Income Summary Cookie Revenue Advertising Expense Automotive Expense Baking Supplies Expense Bank Interest Expense Cell Phone Expense Depreciation Expense - Automobile Depreciation Expense - Equipment Insurance Expense 300 305 310 315 405 505 510 515 518 520 525 530 535 Important Notes 1) Michaela has set up her fiscal year to align with the calendar year. She must calculate the adjustments as at December 31, 2019. 2) The ledger accounts have been opened with the balances from the trial balance. December 2019 Transactions - start journalizing on page 5 of the general journal December 1 Cheque Copy To TD Insurance, for 12 months of automobile insurance for $1,800. 2 Cheque Copy Michaela pays $325 plus HST for advertising in a local community newspaper. Michaela hopes that this ad will generate revenue during December 4 Sales Invoice TO J. T. Tuck Public School for a cookie event for Grade 3 students. $600.00 plus HST for services rendered on account. 6 Purchase Invoice Received from Superior Bakery Supplies for baking supplies, $442 plus HST. 9 Cheque Copy To J.P. Motors, on account, $400.00 10 Bank Debit Memo Received a memorandum from the bank stating that $150.00 had been deducted from the business bank account to pay for bank interest expense. 11 Cash Receipt Received a cheque from Port Nelson United Church, in full payment of the account balance. 13 Cheque Copy To Virgin Mobile, for November cell phone bill, on account, $85.88 17 Purchase Invoice Received from Superior Bakery Supplies for baking supplies, $198 plus HST. 21 Sales Invoice Michaela receives an unexpected invitation to teach cookie-making classes at a children's Christmas party at Port Nelson United Church. $750 plus HST, on account. 31 Remittance to the Federal Government of HST for the month of November. (Hint: The balance from the Trial Balance is the amount to be remitted. No amounts from December are being considered.) Adjusting entries 1. A company automobile was purchased on November 30. The price of the automobile was $15,500. Estimated useful life = 8 years. Salvage value of $5,700. Straight-line depreciation is applied. 2. Baking Equipment was purchased on November 30. The estimated useful life is 10 years. Straight-line depreciation is applied. 3. Baking Supplies on hand at year end were $45.00. 4. Automobile Insurance was purchased on December 1