KAYE'S FABULOUS FASHIONS (KFF) On October 1, 2022, after having a home-based business consisting of the sale of unique fashion items: gowns, dresses, suits, jewelry, belts, bags, shoes, boots and other trinkets for the last 10 years; with the help of family, friends and a few investors Kaye Robb has decided to take a giant leap and open a boutique. The store employs Kaye as manager, and two hourly salesclerks to operate the business. Payroll is paid on the 25th of each month, purchases and sales are recorded as noted and all other expenses are recorded on the last day of the month. All sales are cash sales unless otherwise noted. Expenses are paid in cash unless otherwise noted. All property, plant and equipment are depreciated using the straight-line method for book purposes (full month depreciation is taken if purchased during the month). The following are the transactions for the first year of operations: October 2022 1. On October 1 , Kaye's Fabulous Fashions issued 7,500$10 par value common shares at $25 per share. 2. KFF signed a three-year lease agreement for the rental of the boutique space and paid $36,000 cash on October 2. 3. On October 5 , the company purchased furniture and fixtures costing $26,000, a salvage value of $2,000 and useful life of 10 years. 4. On October 8 , a computer system and a cash register costing $8,000 with a $800 salvage value and 5-year life was purchased. 5. On October 10, the company received and paid invoices totaling $3,000 for legal and accounting fees in organizing the company. 6. Purchased inventory items from Jermaine's Original Designs for $9,000 on October 15th. 7. On October 18 , Supplies costing $2,640 were purchased on account from Mooring Company. 8. On October 20, inventory was purchased from Joanne's Fashions for $15,400. 9. Monthly employee salaries and wages were $7,000 (60\% is Kaye's salary). 10. Other operating expenses of $1,800 were paid. 11. October 31, recorded monthly sales with a cost of $11,000 and a 40% markup of cost. recoed the transactions and prepare the financial statements for Kave's Fabulous Fashions lcreate a chart of accounts based on the transactions). Your final ubmisuion (to be uploaded on Canvad; no printed copies) will indude: (1) the Transaction Hlistory (2) Detalled General tedgec, and (3) the four primary Financial Statements November 2022 1. On November 5 , the company signs a contract with The Dales to provide the attire for the bridal party for the couple's Valentine's Day Wedding and received the $18,000 payment, cost of sales was $8,500. 2. The company purchased a custom beading/embroidery machine for $15,000 on November 15 by issuing a five-year, 9% notes payable to Star Bank. The machine has a 7-year life and no salvage value. 3. On November 17, inventory was purchased from Val's Fashion Wholesalers for $7,040. 4. Purchased inventory items from Monica's Fashion Emporium for $3,750 on November 20. 5. Monthly employee salaries and wages were $8,200 (55\% was Kaye's salary). 6. November 29, recorded sales with a cost of $10,500 and a 40% markup of cost. $10,000 of this amount was on account, to be collected in 45 days. 7. Paid the balance for accounts payable on November 30th, 8. Other operating expenses of $2,450 paid. December 2022 1. December 5 , one-half of The Dales order was completed and delivered to the customer. 2. 4. December 10, purchase of Inventory items from Joanne's Fashions was made for $10,850 on account. 3. On December 12 , a special order for $4,320 was accepted from Dean Co. to produce bling tshirts for employee Christmas gifts; cost of sales was $1,850. The order was completed and delivered on December 22. 4. On December 15,$7,000 of the sales on account was collected. 5. Monthly employee salaries and wages were $9,000 (60\% was Kaye's salary). 6. Other operating expenses of $2,765 were paid. 7. Supplies inventory revealed $330 was on hand. 8. December 30 , sales with a cost of $15,410 and a 33% markup of cost. $3,500 of this amount was on credit cards with a 3% convenient fee. 9. 8. A physical count of inventory revealed $2,900. 10. Accrued quarterly payroll taxes: FICA $2,200; FUTA $710; SUTA $435