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 $$29,300$ cash to form the corporation; issued $700$ shares of $$0\mathrm{.}10$ par value common stock.

b$.$ Paid three months' rent for the store at $$1,820$ per month $($recorded as prepaid expenses$).$

c$.$ Purchased and received candy inventory for $$6,300$ on account, due in $60$ days.

d$.$ Purchased supplies for $$1,430$ cash.

e$.$ Negotiated and signed a two$-$year $$10,000$ loan at the bank, receiving cash at the time.

f$.$ Used the money from $($e$)$ to purchase a computer for $$2,650($for recordkeeping and inventory tracking$)$; used the balance for furniture and fixtures for the store.

g$.$ Placed a grand opening advertisement in the local paper for $$470$ cash; the ad ran in the current month.

h$.$ Made sales on Valentine's Day totaling $$3,900$; $$2,725$ was in cash and the rest on accounts receivable.

i$.$ The cost of the candy sold in $($h$)$ above was $$2,100.($Reminder$.$ Used inventory is an expense called Cost of Goods Sold.$)$

j$.$ Made a $$630$ payment on accounts payable.

k$.$ Incurred and paid employee wages of $$1,200.$

I. Collected accounts receivable of $$125$ from customers.

$m.$ Made a repair to one of the display cases for $$130$ cash.

n$.$ Made cash sales of $$2,900$ during the rest of the month.

o$.$ The cost of the candy sold in $(n)$ above was $$1,710.$

Required:

$1$ and $2.$ Record in the T$-$accounts the effects of each transaction for Kaylee's Sweets in February, referencing each transaction in the accounts with the transaction letter.

$3.$ Prepare an unadjusted income statement at the end of the first month of operations ended February $28.$

$5.$ After three years in business, you are being evaluated for a promotion. One measure is how effectively you managed the sales and expenses of the business. The following data are available:

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 $$29,300$ cash to form the corporation; issued $700$ shares of $$0\mathrm{.}10$ par value common stock.

b$.$ Paid three months' rent for the store at $$1,820$ per month $($recorded as prepaid expenses$).$

c$.$ Purchased and received candy inventory for $$6,300$ on account, due in $60$ days.

d$.$ Purchased supplies for $$1,430$ cash.

e$.$ Negotiated and signed a two$-$year $$10,000$ loan at the bank, receiving cash at the time.

f$.$ Used the money from $($e$)$ to purchase a computer for $$2,650($for recordkeeping and inventory tracking$)$; used the balance for furniture and fixtures for the store.

g$.$ Placed a grand opening advertisement in the local paper for $$470$ cash; the ad ran in the current month.

h$.$ Made sales on Valentine's Day totaling $$3,900$; $$2,725$ was in cash and the rest on accounts receivable.

i$.$ The cost of the candy sold in $($h$)$ above was $$2,100.($Reminder$.$ Used inventory is an expense called Cost of Goods Sold.$)$

j$.$ Made a $$630$ payment on accounts payable.

k$.$ Incurred and paid employee wages of $$1,200.$

I. Collected accounts receivable of $$125$ from customers.

$m.$ Made a repair to one of the display cases for $$130$ cash.

n$.$ Made cash sales of $$2,900$ during the rest of the month.

o$.$ The cost of the candy sold in

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