Stacy and her family visit the local weekend farmers' market on their weekly shopping trip. Deborah, a local candy-producer and friend of Stacy's family, sells her candy at a booth at the market during December and February, to meet demand for the holidays and Valentine's Day 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 and February. Deborah gives Stacy the following information: Boxed Specialty Chocolates sells at a market price of $14.00 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 $400 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 but did not return by January 10 for December and by March 10 for February. Stacy agrees to Deborah's offer and decides to sell boxed Specialty Chocolates at the farmers' market during December, 2018, February 2019 and December 2019. Stacy asks her brother, Paul, to help in her booth and she would pay him $250 for December and $200 for February. Paul agrees. December 2018 Stacy establishes her business as a corporation with a calendar year end and takes $1,200 out of her personal savings to buy common stock in the corporation. Stacy acquires 300 boxes from Deborah's 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. One customer, Mr. Johnson, pays for 20 boxes that he intends to pick up at the booth the first weekend in February Stacy pays Paul for his December work. The market manager tells Stacy that booth space for February is going quickly, so Stacy pays the manager $400 to secure booth space for February, Stacy returns all remaining boxes to Deborah. January 2019 Stacy pays Deborah what she owes her. February 2019 Stacy acquires 280 boxes from Deborah's storage unit. Stacy sets up the booth. Mr. Johnson picks up his boxes. The Young Professionals Club asks Stacy if they could buy 15 boxes and pay her in March. Stacy agrees. Stacy sells 210 boxes of chocolates to market-goers. bers. Stacy pays Paul for his February work. Stacy returns all remaining boxes to Deborah. March 2019 Stacy receives payment in full from the Young Professionals Club. Stacy pays Deborah what she owes her. December 2019 Stacy acquires 400 boxes from Deborah's 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. 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: 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. Set up separate journal entry pages for each year. 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." The financial statements and required supporting documents (journal entries, T-accounts) must be computer generated using Excel. You will turn in a hard-copy print out of your work. Electronic submissions will not be accepted. Do not put your project in a folder. Attach a cover page with all project pages stapled in the corner. Include your name and BA211 Winter 2020 on the cover page. Assemble your project in this order: Cover page 2018 Journal Entries, including closing entries. 2018 T- Accounts 2018 Financial Statements 2019 Journal Entries, including closing entries. 2019 T- Accounts 2019 Financial Statements Stacy and her family visit the local weekend farmers' market on their weekly shopping trip. Deborah, a local candy-producer and friend of Stacy's family, sells her candy at a booth at the market during December and February, to meet demand for the holidays and Valentine's Day 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 and February. Deborah gives Stacy the following information: Boxed Specialty Chocolates sells at a market price of $14.00 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 $400 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 but did not return by January 10 for December and by March 10 for February. Stacy agrees to Deborah's offer and decides to sell boxed Specialty Chocolates at the farmers' market during December, 2018, February 2019 and December 2019. Stacy asks her brother, Paul, to help in her booth and she would pay him $250 for December and $200 for February. Paul agrees. December 2018 Stacy establishes her business as a corporation with a calendar year end and takes $1,200 out of her personal savings to buy common stock in the corporation. Stacy acquires 300 boxes from Deborah's 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. One customer, Mr. Johnson, pays for 20 boxes that he intends to pick up at the booth the first weekend in February Stacy pays Paul for his December work. The market manager tells Stacy that booth space for February is going quickly, so Stacy pays the manager $400 to secure booth space for February, Stacy returns all remaining boxes to Deborah. January 2019 Stacy pays Deborah what she owes her. February 2019 Stacy acquires 280 boxes from Deborah's storage unit. Stacy sets up the booth. Mr. Johnson picks up his boxes. The Young Professionals Club asks Stacy if they could buy 15 boxes and pay her in March. Stacy agrees. Stacy sells 210 boxes of chocolates to market-goers. bers. Stacy pays Paul for his February work. Stacy returns all remaining boxes to Deborah. March 2019 Stacy receives payment in full from the Young Professionals Club. Stacy pays Deborah what she owes her. December 2019 Stacy acquires 400 boxes from Deborah's 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. 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: 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. Set up separate journal entry pages for each year. 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." The financial statements and required supporting documents (journal entries, T-accounts) must be computer generated using Excel. You will turn in a hard-copy print out of your work. Electronic submissions will not be accepted. Do not put your project in a folder. Attach a cover page with all project pages stapled in the corner. Include your name and BA211 Winter 2020 on the cover page. Assemble your project in this order: Cover page 2018 Journal Entries, including closing entries. 2018 T- Accounts 2018 Financial Statements 2019 Journal Entries, including closing entries. 2019 T- Accounts 2019 Financial Statements