lAt the beginning of December, Madison nds out that Batter Blender Supply Co. has raised the cost of their mixers to $615 each, so she will onlyr make one more purchase from them this month. She was lucky enough to nd comparable mixers at Garcia (30., a local manufacturer, so she has signed a contract to buy mixers from them this month. Garcia Co. also has a $610 cost for each mixer. She still plans to sell them for $ 1,200. Madison is mnning out of storage space in her small apartment, so she decides to rent a small ofce space to hold all of her supplies and inventory. Rent is due at the beginning of each month. The following transactions occurred during the month of December. Dec. 1 Paid $?00 rent forthe month of December. Check 166. 2 Purchased three mixers on account from Batter Blender Supply Co. for $1,845, terms nl30. 4 Paid $45 freight for the December 2 purchase. Check 16?. 6 Sold three mixers for $3,600 on account to Seafood Shack, invoice 1012, terms nl30. T Bought four mixers on account from Garcia Co. for $2,440, terms nf30. 8 Collected the amount due from Peter's Pastries for the November 23 transaction. 9 Returned one of the mixers purchased on Dec Tl\" because it was damaged during shipping. Garcia Co. issues Sweet Treats credit for the cost of the mixer. 10 Paid Batter Blender the amount due for the December 2 purchase. Check 168. 12 Bought three mixers on account from Garcia 00. for $1,830, terms N30. 13 Paid $45 freight for the December 7 purchase. Check 169. 16 Three mixers are sold on account for $3,600 to the Chop House, invoice 1013, terms nl30. 16 One mixer is sold to a new customer, Bagel Depot, on account for $1,200, invoioe 1014, terms N30. 18 19 20 20 21 Paid a $T5 cell phone bill for December. Check 1T0. Paid $45 freight for items received on the December 12 purchase. Check 171. Taught a 3hr cupcake making class at Winslow Sweets for $150 per hour. Winslow Sweets paid in full at the end of the class. 20 Paid Garcia Co. the amount due for the DecemberlIr purchase. Check 11'2. Collected the amount due from Chop House for the December 16 transaction. Purchased baking supplies for $350 cash. Check 173. 23 Issued a check to Madison's assistant for $960 for the rst two weeks in December. Check 1?4. 23 24 26 2? Two mixers are sold on account for $2,400 to the (Shop House1 invoice 10151 terms MSG. Taught a 2hr holiday cookie workshop at Young Soulsr the local senior center. Madison offered her workshop at a discounted price of $50 per hour. She left invoice 1016 with the director of Young Souls after the workshop. Collected the amount due from Bagel Depot for the December 16 transaction. Madison withdrew $1,200 cash for personal use. Check 175. As of December 31, the following adjusting entry data is available. 1. 2. f5. Accmed utilities total $340 for the current month. Another month's worth of depreciation needs to be recorded on the baking equipment. A count reveals that $135 of baking supplies are remaining in the supply room. Another month's worth of insurance has expired. Madison owes her assistant $960 for the last two weeks of ME will not pay it until January 2. Madison records another month of accrued interest on her grandma's loan. At year end, Madison completes all the nancial statements and closes out the year. Madison is making huge strides in her entrepreneurship program by starting up Sweet Treats and she cannot thank her friends and family enough for all their support. In the new year, Madison intends on continuing to sell mixers and provide classes on multiple baking needs. She is even considering attending culinary classes at CNM to learn new things she can incorporate into her business