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 $27,900 cash to form the corporation; issued 600 shares of $0.10 par value common stock. b. Paid three months' rent for the store at $1,690 per month (recorded as prepaid expenses) c. Purchased and received candy for $6,300 on account, due in 60 days. d. Purchased supplies for $1,330 cash. e. Negotiated and signed a two-year $14,000 loan at the bank, receiving cash at the time. 1. Used the money from (e) to purchase a computer for $2.600 (for recordkeeping and inventory tracking): used the balance for furniture and fixtures for the store. g. Placed a grand opening advertisement in the local paper for $480 cash; the ad ran in the current month h. Made sales on Valentine's Day totaling $3,000: $2,675 was in cash and the rest on accounts receivable. The cost of the candy sold was $1,200. i. Made a $630 payment on accounts payable. j. Incurred and paid employee wages of $1700 k. Collected accounts receivable of $120 from customers I. Made a repair to one of the display cases for $135 cash m. Made cash sales of $2,900 during the rest of the month. The cost of the candy sold was $1,710 1 & 2. Record in the T-accounts the efflects of with the transaction letter. Show the ending balances in the T-accounts. An example amount has been posted to the transaction ) each transaction for Kaylee's Sweets in February, referencing each transaction in the accounts Cash T-Account from Beg bal Beg ba End, bal. 135 00 135 Beg bal Beg bal Beg bal Beg bal End. bal 2 3 4 5 0 Beg bal. Beg. bal. End. bal. End. bal Furniture and Fixtures Beg bal Beg ba End. bal End. bal Notes Payable Beg bal Beg. bal End. bal End, bal Additional Paid-in Capital Beg bal Beg. bal End. bal. End bal. 5 6 8 0 2 4 0 Q W E RT Y UO P Additional Paid-in Capital Sales Revenue Beg. bal. Beg. bal End. bal. End. bal. Cost of Goods Sold Repair Expense Beg bal. Beg bal End. bal. End bal. Advertising Expense Wage Expense Beg bal Beg. bal End. bal. End. bal References eBook&Resources 3 4 5 QW E R T Y UO P 0