Prepare journal entries for all activity Do not differentiate between general and adjusting entries. Do not include explanations. Use the month and year for the dates on journal entries.

Post entries to T-accounts and balance T-accounts.

Prepare a multi-step income statement, a statement of retained earnings, and a balance sheet at the end of year (December 31, 2018 and December 31, 2019) using accrual accounting.

Prepare closing journal entries and post at the end of each year and balance T-accounts. Head these sets of journal entries Closing Entries.

Submit your project to me by email, as an Excel attachment.

Assignment:

BA211 Project Spring Term 2020 Specialty Chocolates, Inc.

Stacy and her family visit the local weekend farmers market on their weekly shopping trip. Deborah, a local candy-producer and friend of Stacys family, sells her candy at a booth at the market during December to meet demand for the holidays.

Deborah no longer wants to work weekends but wants to continue to maintain interest in her product among farmers market customers. Deborah knows that Stacy is a budding entrepreneur and asks if she would like to take over the retail sales at the booth in December. Deborah gives Stacy the following information:

Boxed Specialty Chocolates sells at a market price of $15.00 each.

Deborah can prove that her chocolate has Fair Trade Certification.

Stacy can buy boxed chocolate from Deborah for $8.00 each.

Stacy will be responsible for paying the booth fees for her booth. The booth fee is $350 per month.

Stacy can keep any of the net income from market sales.

Deborah will take returns of all unsold boxes at the end of each month.

Deborah expects to be paid for inventory that Stacy acquired in December but did not return by January 10th.

Stacy agrees to Deborahs offer and decides to sell boxed Specialty Chocolates at the farmers market during December 2018 and December 2019. Stacy asks her brother, Paul, to help in her booth and she would pay him $275 for each month. Paul agrees.

December 2018 Stacy establishes her business as a corporation with a calendar year end and takes $1,500 out of her personal savings to buy common stock in the corporation.

Stacy acquires 320 boxes from Deborahs storage unit.

Stacy pays the market manager the booth fee for December and sets up the booth.

Stacy sells 270 boxes of chocolates to market-goers.

Stacy pays Paul for his December work.

The market manager tells Stacy that booth space for next December is going quickly, so Stacy pays the manager $350 to secure booth space for December 2019.

Stacy returns all remaining boxes to Deborah.

January 2019

Stacy pays Deborah what she owes her.

December 2019

Stacy acquires 400 boxes from Deborahs storage unit.

Stacy pays the market manager the booth fee for December and sets up the booth.

Ms. James of Fair World Trade Coalition comes by representing her charitable organization that tries to make holidays more bearable for the less fortunate in Oregon. Ms. James, seeing the Fair Trade Certification sign, asks Stacy if she would consider making a donation of boxed chocolates to this worthy cause. Stacy says yes and gives Ms. James 15 boxes of chocolate.

The Young Professionals Club asks Stacy if they could buy 20 boxes, take them away, and mail her a check for payment in January. Stacy agrees.

Stacy sells 325 boxes of chocolates to market-goers.

Paul mentions that sales in December were higher than last December and asks for a bonus. Stacy agrees to an $80 bonus. Stacy pays Paul for his December work and the bonus.

Stacy returns all remaining boxes.

Stacy pays the stockholder a dividend of $2,500.

Required to be prepared in Excel:

Prepare journal entries for all activity Do not differentiate between general and adjusting entries. Do not include explanations. Use the month and year for the dates on journal entries.

Post entries to T-accounts and balance T-accounts.

Prepare a multi-step income statement, a statement of retained earnings, and a balance sheet at the end of year (December 31, 2018 and December 31, 2019) using accrual accounting.

Prepare closing journal entries and post at the end of each year and balance T-accounts. Head these sets of journal entries Closing Entries.

Submit your project to me by email, as an Excel attachment.

Submission required:

2018 Journal Entries, including closing entries. 2018 T- Accounts 2018 Financial Statements 2019 Journal Entries, including closing entries. 2019 T- Accounts 2019 Financial Statements

The project is worth up to 50 points.

Due Date: This project is due at 11:00 pm on Tuesday, May 19th.

Projects submitted to me on Tuesday, May 19th but after 11:00 pm will be considered submitted on Wednesday (one day late).

Late projects will be accepted with a 4-point per day penalty through Friday, May 22nd, at 11 pm. Projects received after that time and date will not be graded.

You may submit your project before the due date.

Project Scoring Sheet Total 50 points

18 points Income Statements values supported by journal entries and T-accounts 6 points Statements of Retained Earnings values supported by journal entries and T-accounts 20 points Balance Sheet Statements values supported by journal entries and T-accounts 6 points formatting, including but not limited to:

Headings $ signs Commas Underlining single, double File organization Spelling

Late submittal 4 point penalty per day, including weekend days.

Please help this is due in 2 days