the Green Mountain Chocolate Factory $1,000. On February 29, the store received a heating bill for the month of February. The amount of the bill is $1,000, which is not surprising given the cold Vermont winters The bill is due on March 10. You perform an inventory of the supplies on February 29. The inventory reveals that there is $275 worth of supplies left on hand at the end of the month Wages for the last two weeks of February will be paid on March 5. On February 29, week 4 sales are recorded Sales for week 4 totaled $5,000, $1,800 was in cash, the remainder on credit. Cost of chocolate sold was $2,750 Required: For the month of February 1. Prepare journal entries for all transactions. Make sure to include the date and explanations 2. Prepare T-accounts for all accounts and post the amounts from the journal entries to the T- accounts 3. Prepare a worksheet with the following columns: Trial Balance, Adjustments, Adjusted Trid Balance, Income Statement, Balance Sheet 4. Update the worksheet to reflect the analysted trial balance 5. Prepare all necessary month-end adjusting entries 6. Post the adjusting entries to the T-accounts 7. Complete the worksheet 8. Prepare an Income Statement, Statement of Owners' Equity, and a Balance Sheet in good form 9. Prepare closing entries 10. Post closing entries to the T-accounts All work must be performed in Excel. Formal financial statements can be prepared with a word processing program (MS Word, for example) A completed assignment will include: All journal entries that have been reconded, including adjusting entries and closing entries Make sure to include the dane and explanations Completed T-accounts Completed worksheet with the following column Trial Baler, Adjustments, Adrated Trial Balance, Income Statement Balance Sheet The Income Statement, Statement of Owns Ety and Balance Sheet Pixio View Help stay in Protected View Enable Editing ACC 300: INTERMEDIATE ACCOUNTING FINANCIAL STATEMENT PREPARATION PROJECT DUE DATE: SATURDAY, NOVEMBER 19, 2022 FALL 2022 Charles Price, a connoisseur of fine chocolate, opened Charles Fine Chocolate Co. in Stowe, VT ce February 1, 2022, by investing $30,000 in cash into the business The shop specializes in a selection of gourmet chocolate candies and a line of gourmet ice cream You have been hired as manager. Your duties include maintaining the store's financial records On February 1, Charles paid three months' rest for the store in advance at $2,000 per month That same day, Charles purchased supplies for the store in the amount of $450 in cash from the Stowe Supply Co. The store received a delivery of candy from the Green Mountain Chocolate Factory worth $10,000 on February 1, just in time to open the store Charles placed the onder January 15 Because the store is just starting up, Charles purchased the candy on condit. The bill for the candy is due in 60 days Charles took out an insurance policy to cover the store in the amount of $2,400 This is an al policy that Charles paid for all at once on Felmary 1 In order to have enough cash to pay employees and to pechase additional supplies and equipment for the store, Charles took out a loan from the Chitrades County bank in the amount of $24,000 on February 2. The loan is due in 2 years. As the new employee responsible for maintaining the store's accounting records, you realize that you will need a computer for recordkeeping and tracking inventory. You express your concern to Charles, and in February 3, he purchases a computer costing $5,000 Charles pays cash for the computer That same day, Charles purchases future and fixtures for the store (shelving to display the chocoliers, other display cases, etc) for $18,500 You determine that the useful ife of the computer in 3 years, and the useful life of the future and fixtures is 5 years Charles decides to pay cash for the fame and fixtures as well. In order to let people in Stowe know about his new store, Charles takes out at the Stowe Gazette on February 3 announcing the grand opening of the shoe. The antisement cost $1,000 Becane the Stowe Gazette is a small business, they do staccpt andt Charles therefore had to pay can for the advertisement Journal entries to record sales are ested in the gel sal weekly. On February 5, week I sales were recorded. Week one sales were $1,300 of 12,000 was in cash, the remainderon creda. Cost of chocolate sold $1,500 Theory act is updated at the same tie sales are recorded. On February 10-Charles paid 5500 to the Greea Mountain Chocolate Factory for the chocolate received on February 1 These wages inmed the first fifteen fox week 2 we recorded on $1.300 was the remainder Wages were paid on February 15 in the am$1,500 days of February Employees in total a $100 per day Sales Feleuary 15 Sales for week two totaled $2,500 of the was credit Cost of chocolate sold was 3L125 Pixio ved to this PC View Help P. Smat to stay in Protected Yes Enable Eating PACE OF 2 ACC 300: INTERMEDIATE ACCOUNTING FINANCIAL STATEMENT PREPARATION PROJECT- DRAFT SATURDAY, NOVEMBER 19, 2022 FALL 2022 On February 16, Charles ordered additional supplies from the Stowe Supply Co in the amount of $350 On February 19, the supplies were received. The apples were purchased on credit and the bill for the supplies is due in 60 days. On February 20, one of the display cases was damaged. The cost to repair the damage was $215. Charles paid for the repair with cash. On February 20, the store received payment of $100 from a customer who purchased chocolate on credit during week 2. On February 21, a customer returned an un-opened box of chocolate Charles gave the customer a full refund, in the amount of $50 in cash. The box of chocolate cost Charles $35. On February 22, a customer paid $100 in advance for a basket of get chocolates that will be perpared and delivered to the customer's home on March 14. On February 22, week 3 sales were recorded Sales for week 3 totaled $4,445. Of this amount, $2,250 was a cash the remainder on credit Cost of chocolate sold was $2,050. On February 25, Charles paid the Green Mountain Chocolate Factory $1,000 On February 29, the store received a heating bill for the month of Febnary The amount of the bill as $1,000, which is not surprising given the cold Vermont waters. The bill is dat on March 10. You perform an inventory of the supplies on February 29 The story seals that there is $275 worth of supplies left on hand at the end of the month. Wages for the last two weeks ofFebruary will be paid on March 5. On February 29, week 4 sales are s Sales for week 4 totaled $5,000 $1,000 was in cash, the remainder on crede. Cast of a ww$2,750 Required: For the month of February 1. Prepare jornal entries for all auctions Make sure to include the date and explanations 2. Prepare Taccounts for all accounts and pot the Som de paletes to the T- 3. Prepare a worksheet with the following cols Trial Balance Adams Add Trial Balance, Income Statent, Balance Sheet 4. Update the worksheet to reflect the 5. Prepare all necessary month-end along 6. Post the adjusting ties to the Taccon Complete the worksheet balance Prepare a loco State, Suf Own Equity, and a Balance Sheet in good Som 9 Prepare closing ties 10 Post ding All work is the Taccous perfond in Ex Formal f MA Wat Pixio