Question 2 (23 marks) The following selected transactions of Buckstar Beverages Inc., were completed during the last few months of 2021 and the first month of 2022. Read through each transaction and ensure that you see the "additional information" below prior to starting this question. 2021 Nov 1 Nov 30 Purchased 50 signature expresso machines that will be resold to customers. The Buckstar leadership team believes that customers will develop a stronger attachment to the brand if they can brew their own "Buckstar experience" at home. Each machine costs $400+ HST and will be sold for $850 + HST. Buckstar purchased these machines on account from Nespresso Corporation. Buckstar recorded November cash sales: Food and beverage sales of $12,000 + HST Sold 40 signature espresso machines, for $800 + HST each. Dec 31 Dec 31 Dec 31 2022 Jan 20 Jan 31 The price includes a two-year warranty. On the basis of past experience, the warranty costs are estimated to be $60 per espresso machine ($40 for labour and $20 for parts). Buckstar recorded December cash sales: Food and beverage sales of $27,000 + HST Cafe merchandise (mugs and pre-packaged coffee) in the amount of $2,500 + HST. Buckstar uses a revenue account called Cafe Product Revenue to track these types of merchandise sales. Sold $2,500 worth of gift cards for cash. From previous years, it is expected that 95% of these gifts will be redeemed. Buckstar completed the HST remittance. Assume that any HST receivable or payable was actually received/paid on January 15. Completed adjustments for the end of the fiscal year (hint - only adjustment is for the warranty!) Six customers who purchased signature espresso machines in November, required a service call for repairs that were completed the same day. The cost of the repairs for each machine serviced under the warranty consisted of $20 for the materials taken from the parts inventory and $40 of labour. These were the only repairs required in 2022 for these espresso machines. Buckstar recorded January sales: " Caf merchandise (mugs and pre-packaged coffee) in the amount of $1,000 + HST. Customers used gift cards to pay for the merchandise purchase entirely. **Solve in detailed excel worksheet with detailed steps, meeting every component ** Additional Information 23 Marks! Buckstar operates out of Ontario, and is an HST registrant. October 31 account balances for HST receivable and payable are as follows: HST receivable HST payable $ 8,500 DR $2,500 CR Year end for Buckstar is December 31. Ignore Cost of Goods Sold entries with sales. Buckstar records all sales on the last day of each month (for simplicity purposes) Instructions: Prepare all of the entries associated with the above transactions. Ignore any cost of goods sold entries. Please ensure that you show itemized, detailed, and labeled calculations for support on each entry. Each entry will require a supporting calculation! You are STRONGLY encouraged to use T-Accounts to track your account balances for your HST remittance entries.