Record World Series Inc. s transactions ( 1 through 7 . G . ) ; input the template fields Mini Project: World Series Inc. World Series Inc. sells inventory and provides services ( baseball lessons ) . The following balance sheet is for World Series Inc. for the fiscal year 2 0 1 9 ending at 1 2 / 3 1 / 1 9 : World Series Inc. Balance Sheet At 1 2 / 3 1 / 1 9 ASSETS Cash 2 0 0 Accounts Receivable 1 0 0 Inventory 3 0 0 Total current assets 6 0 0 Baseball Equipment, gross 6 0 0 Less Accumulated Depreciation - 2 0 0 Baseball Equipment, net 4 0 0 Total Assets 1 , 0 0 0 LIABILITIES & STOCKHOLDERS EQUITY Accounts Payable 8 5 Interest Payable 1 5 Bonds Payable 3 0 0 Total Liabilities 4 0 0 Common Stock 4 0 0 Retained Earnings 2 0 0 Total Stockholders Equity 6 0 0 Total Liabilities and Stockholders Equity 1 , 0 0 0 The following transactions occurred after the 1 2 / 3 1 / 1 9 year - end. 1 . On 1 / 1 / 2 0 , World Series Inc. issued common stock for $ 2 5 0 . 2 . On 1 / 1 / 2 0 , World Series Inc. paid $ 1 0 in advance to cover office rent for the period 1 / 1 / 2 0 - 1 2 / 3 1 / 2 0 . 3 . On 2 / 1 5 / 2 0 , World Series Inc. purchased $ 6 0 0 of inventory ( 6 0 % of the purchase was paid in cash ) . 4 . On 7 / 1 / 2 0 , World Series Inc. sold inventory for $ 5 0 0 ( the cost of the inventory sold is $ 2 5 0 ) ; all the sales were on credit. Below, please record separately the sales revenue and the cost of inventory expense that is associated with this transaction ( in respective tables ) . 5 . On 8 / 1 / 2 0 , the Astros signed up for batting lessons; the monthly fee for lessons is $ 4 0 0 . World Series Inc. received $ 2 , 4 0 0 in cash ( in advance from the Astros ) for these lessons. 6 . On 8 / 1 / 2 0 , World Series Inc. paid $ 3 6 of interest on the bonds and bought back $ 1 0 0 of the bonds with no resulting gain or loss on this repurchase. Note that Bonds Payable and Interest Payable are listed in the Balance Sheet. 7 . On 1 2 / 3 1 / 2 0 , the following transactions should be recorded before preparing the annual financial statements: 7 A . Annual interest rate on the bonds is 1 2 % . In Transaction / Issue # 6 , on August 1 st , World Series Inc. recognized some interest expense and changed the value of the outstanding bonds. Make sure the annual interest expense matches the bonds outstanding during the year, otherwise make an adjustment. 7 B . The manager of World Series Inc. earned an annual salary of $ 8 0 but has not yet been paid. 7 C . $ 1 0 0 of depreciation on the baseball equipment needs to be recorded. 7 D . World Series Inc. provided batting lessons to the Dodgers during November 2 0 2 0 . A bill for $ 5 0 0 was sent but the payment has not arrived yet. 7 E . World Series Inc. declared $ 5 0 cash dividends on 1 2 / 3 1 / 2 0 to be paid in cash on 1 / 1 0 / 2 1 . 7 F . World Series Inc. used the office space during the year ( from transaction 2 . ) . 7 G . World Series Inc. provided 5 months of services ( batting lessons ) to the Astros before the year - end ( from transaction 5 . ) student submitted image, transcription available Expert Answer This solution was written by a subject matter expert. It's designed to help students like you learn core concepts. Step-by-step 1st step All steps Answer only Step 1/2 Of course! We'll use the following strategy to successfully record the transactions for World Series Inc.: 1. Make that all the relevant information is accurately recorded in the journal entries for every transaction, such as the date, the accounts that are impacted, and the associated debit and credit amounts. Explanation: 2. We will establish distinct tables to differentiate the entries for sales income and the cost of inventory costs for transactions involving both. This will make it easier to see how the transaction will affect each of the corresponding accounts. Step 2/2 3. Examine the modifications required to guarantee the yearly financial statements' accuracy. This include paying off any outstanding debts and liabilities, depreciating baseball equipment, and recording interest expenditure on the bonds. Final answer 4. Determine the overall effect of the cash dividends announced on December 31, 2021. These procedures must be carefully followed in order to accurately record the transactions and their subsequent consequences on World Series Inc.'s financial condition. We also need to incorporate the unique data from each transaction