The Candy Shop, owned by Rajveer (Insert your name), sells candy and ice cream all year long. The shop has an August 31 fiscal year end, and uses a perpetual inventory system and the earnings approach. On August 31, 2024, the company had the following trial balance: THE CANDY SHOP Trial Balance August 31, 2024 Debit Credit Cash........ Accounts Receivable Allowance for Doubtful Accounts Merchandise inventory Supplies.......... Equipment.............. Accumulated depreciation-equipment.. $ 7,627 18,000 2,000 61,108 4,095 70,800 $ 13,275 Accounts payable.......... Unearned revenue Notes payable. 18,745 5,205 42,000 capital............ drawings 58,400 57,600 Sales...... Sales returns and allowances..... Sales discounts..... Rent revenue....... Cost of goods sold..... Salaries expense Rent expense...... Insurance expense.. Interest expense. Totals 513,510 12,595 300 1,200 317,945 74,400 19,800 4,140 1,925 $652,335 $652,335 Information a) A count of supplies on August 31 shows $ 959 student number) on hand. b) The equipment has an estimated 9 (insert last three digits of your (insert last digit of your student number here- if it is 0 or 1, insert 8 instead)-year useful life and a $5,000 residual value. Remember that adjusting entries are done annually, not monthly. The entity uses the straight-line method of depreciation. c) Interest for the year on the note payable is 9 % (insert last digit of your student number here- if it is 0 or 1-insert 5)% and it is paid monthly. d) of the notes payable, $6,000 must be paid on September 1 each year. e) An analysis of the Unearned Revenue account shows that $3,959 (insert last three digits of your student number here) has been eamed by August 31. A corresponding entry of $2, 959 (insert last three digits of your student number here) for Cost of Goods Sold will also need to be recorded for these sales. f) Signed a contract to receive delivery of a new display case for $1,500 November 1. g) A count of the merchandise inventory on August 31 shows $60,959 (insert last three digits of your student number here) of inventory on hand. h) Management uses the percent of receivable method to record the bad debt expense. They estimate that 10% of the Accounts Receivable is not collectable. Instructions: 1. Insert your name and student number digits in the appropriate spaces. You MUST include this assignment page to have your submission graded! 2. Round all numbers- do NOT include cents! 3. Show all Calculations. 4. Record and post the adjustments required at August 31, 2024, and update the account balances as required. Add any general ledger accounts needed. 5. Prepare an adjusted trial balance at August 31, 2024. 6. Prepare a multiple-step income statement, statement of owner's equity, and classified balance sheet in good form. You made no capital contributions in the year. 7. Print and submit a hard copy (including all pages) of this assignment. Due to last class! Entries: Date Accounts Debit Credit Adjusted Trial Balance: Adjusted Trial Balance August 31, 2024 Financial Statements: