ollowing transactions happen during the month of December, 2023: 1 You paid the November interest owing on the bank loan. You issued cheque \#317. You collected $750 cash from a customer, on account, to whom you had previously sold a juicing machine. 9 You paid the November 30 balance of accounts payable. You issued cheque \#318. You purchased, on account, 3 more juicing machines for $675 each (excluding freight). The purchase invoice also included a $65 freight charge for the cost of transporting the machines from the vendor to your place. NOTE: Since you will use the FIFO cost-flow assumption, you should make a "FIFO Inventory Record" (See textbook Illustration 6.5) for your Juicing Machine inventory. 12 You buy $205 of supplies such as protein powder, cups, straws, and fresh fruit and vegetables, on account. 14 You sold, on account, 2 juicing machines to Bill's Fitness for $950 each. You will use the FIFO method of recording inventory transactions. 21 You make and deliver a batch of juice drinks to Fred's Yoga Studio and you issue a sales invoice of $425. The invoice is payable in 30 days. 23 You paid the amount owing on the December 11 purchase. You issued cheque \#319. 27 You purchased, on account, 2 more juicing machines for $685 each (excluding freight). The purchase invoice also included a $55 freight charge for the cost of transporting the machines from the vendor to your place. 28 You paid $115 cash for repairs done to some equipment. You issued cheque \#320. 29 You sold, on account, 4 juicing machines to the owners of City Contemporary Dance Studio (Remember that freight is part of inventory). The selling price of each machine was $950. 30 You received a $105 e-bill for your business cell phone service for December and you paid it immediately. You issued cheque \#321. 31 You collected the full amount from the customer who purchased juicing machines on on Dec. 14. 31 You paid a casual worker $95 cash for wages for work done in December. You issued cheque #322. Instructions - Using a NEW Excel file 'Term Project Part 5 Excel Template' (in 'Term Project' folder in Moodle), complete the following: a. Prepare the FIFO inventory worksheet to determine the cost of goods sold and ending inventory resulting from the inventory purchases and sales noted in the transactions above. You will need the cost of goods sold from the worksheet to complete the journal entry for the sales on December 14th and 29th. HINT: Be sure you research how to properly account for the freight costs in the purchase transactions. In this case, the cost of the freight is included in the same transaction as the merchandise purchases. b. Prepare the journal entries for the transactions that occurred in December, 2023. For transactions affecting 'Cash', include the cheque number in the explanation. c. Post the journal entries to the general ledger. d. Prepare an Unadjusted Trial Balance. Notes: - The $3,325 merchandise inventory balance is comprised of 5 juicing machines that cost $665 each - The notes payable is to the bank and interest is paid on the 1st day of each month (ie. expensed and accrued at the end of each month, then paid the following day\}. - You paid off the loan to your mother early in 2023