Purpose of This Project: This project is designed to teach/remind you about the recording process involved in company's accounting cycle and the interconnections and links between different components of accounting information systems, including joumals and ledgers. The objective of this assignment is to: Reinforce your understanding of journals, ledgers, and the accounting cycle; Provides a visual representation of data flows within an accounting information system; and Aid your understanding of what an audit trail is and why it is important. The Ledger Project The Happy, Happy, Happy (Happy X3) Farm is a family-owned, 200-acre farm that grows and sells catfish through various retail outlets, including local grocery stores. Happy X3 has 10 full- time employees and hires some part-time employees when the catfish ponds need to be drained and the fish cleaned. For the past six summers, you worked as one of the part-time employees for Happy X3. When you graduated, you were hired on as the full-time accountant/office manager. Until now, Happy X3 kept most of its accounting records in a big shoe box until tax season rolled around. Jack Robertson, the owner, would like a more organized approach to the farm's accounting records. He asked you to establish a proper accounting information system based on the size of Happy X3. You decide to start by establishing appropriate paper-based journals and ledgers for these sales transactions. Assignment For this assignment, you need to finish recording the transactions on the next page in the appropriate t-accounts, journals, and ledgers provided in the Excel template. The first transaction has been done for you, so use that transaction as your guide. Additionally, the Joumals_Ledgers supplement provided with this assignment, along with the discussion of journals and ledgers in Chapter 2, can give you guidance as well. For each ledger and journal, be sure to leave a proper audit trail between the journals and ledgers, which means you need to include the proper posting references between the sections. Again, follow the provided transaction example as your guide. Last, sum all the T-accounts and Balance columns to show the account balance after all transactions have been recorded. Note that you are allowed to discuss the project with your classmates, but you must complete this assignment individually. Once completed, upload your Excel template into the corresponding Assignment folder in Canvas by the project deadline. Sales Invoices Date Invoice # Amount Customer # 23 326 March 7 March 11 327 36 March 14 328 38 Customer Customer Name Address Buddy's IGA PO Box 34 Osto Farmers Supply 45 Main Whalers Seafood Route 34 Osto Farmers Supply 45 Main IFM Wholesale Foods 587 Longview IFM Wholesale Foods 587 Longview Whalers Seafood Route 34 Buddy's IGA PO Box 34 March 21 329 36 $ 2,067.85 $ 97.50 $ 5,000.00 $ 7,409.37 $ 4.050.00 $ 672.88 $598.78 $4,925.75 March 22 330 331 332 24 24 March 24 March 28 38 March 31 333 23 Cash Receipts Amount Customer # Date March 18 Invoice # 326 Customer Address PO Box 34 23 Customer Name Buddy's IGA Whalers Seafood Osto Farmers Supply 328 38 Route 34 S 2,067.85 $ 2,045.00 $ 7,409.37 March 25 March 30 329 36 45 Main Cash 9,969.22 Beg. Bal. Beg. Bal. Credit Sales 54,688.49 Beg. Bal. 2,067.85 Accounts 18,735.55 2,067.85 Cash Receipts Journal (Page 1) Customer # Account No. Date Invoice # or Account Post Ref Amount Sales Journal (Page 1) Customer # Account No. Date Invoice # Post Ref Amount March 7 326 23 120-23/502 X 2,067.85 General Ledger Post Ref Debit Credit Balance 9,969.22 Date Description Cash Account Account 101) March 1 Balance Forward Accounts Receivable (Account 120) March 1 Balance Forward March 7 Sale Credit Sales (Account 502) March 1 Balance Forward March 7 Sale SI 2,067.85 18,735.55 20,803.40 SJI 2,067.85 54,688.49 56,756.34 Balance 0.00 2,067.85 Accounts Receivable Subsidiary Ledger Date Description Post Ref Debit Credit Account No: 23; Buddy's IGA March 1 Balance Forward March 7 Sale SJI 2,067.85 Account No: 24; IFM Wholesale Foods March 1 Balance Forward Account No: 36; Osto Farmers Supply March 1 Balance Forward Account No: 38: Whalers Seafood March 1 Balance Forward 1,287.05 987.12 0.00