Tori Tyler has hired you to be her accountant. She's starting a specialty slow cooker store named Cook Me. She is contributing $100,000 in cash to the business. She will sell 2 types of slow cookers, Speedy will sell for $120 and Slow will sells for $60. All sales will be for cash EXCEPT where except where noted. She uses a perpetual inventory system and values the inventory using FIFO Assume that units sold during the week included units that were received during the week. Oct-01 Tori Tyler contributes $100,000 cash to the business. Oct-01 Tori signs a 3 year lease on a storefront shop for $800 per month. She makes a payment of $4,800 to the landiord which represents the first 6 months of rent. Oct-01 Tori makes a payment of $2,400 for a one-year liability insurance policy. Oct-01 Tori hires her daughter to help in the shop. She will work 40 hours a week (8 hours per day) for $15.00 per hour. She will be paid each Monday for the days worked in the prior week Oct-03 Tori buys store equipment (registers, fixtures, etc.) for $10,000 cash. You will classify this as Equipment. The ANNUAL depreciation will be $2,000 Oct-03 Tori purchases $5,000 in supplies Oct-03 Tori orders 50 Speedy slow cookers from Wonder Cook. The cost is $60.00 per cooker for a total cost of $3,000. Wonder's terms are 210, net/30, FOB shipping point. Oct-03 Tori orders 50 Slow slow cookers from Simple Cooks. The cost is $25.00 per cooker for a total cost of $1,250. Simple's terms are 1/10, net/30, FOB destination Oct-05 Tori receives 50 Speedy slow cookers from Wonder Cook. The invoice is for the 50 cookers received totaling $3,000 Oct-05 The responsible party receives and pays the $100 shipping invoice from Wee Ship Shippers for the 50 Speedy slow cookers Oct-06 Tori receives the 50 Slow slow cookers from Simple Cooks. The Invoice is for $1,250 Oct-06 The responsible party receives and pays the $100 shipping invoice from Wee Ship Shippers for the 50 Slow slow cookers Oct-10 Tor pays her daughter for 40 hours of work (Oct 3 - 7). Oct-10 Tori opens the store. Oct-14 During the week. Tori sells 40 Speedy slow cookers and 30 Slow slow cookers for cash. Oct-14 Tori pays the amount outstanding to Wonder Cook. Oct-14 Tori orders 50 Speedy slow cookers from Wonder Cook. The cost is now $55.00 per cooker for a total cost of $2,750. Wonder's terms are 2/10, net/30, FOB shipping point Oct-14 Tor orders 30 Slow slow cookers from Simple Cooks. The cost is $30.00 per cooker for a total cost of $900. Simple's terms are 1/10, net/30, FOB destination. Oct-17 Customers return 2 Slow slow cookers because they cooked too slow. They are given a cash refund and the 2 Slow slow cookers are sent back to Simple Cooks. Oct-17 Tori pays her daughter for 40 hours of work (Oct 10 - 14). Oct-17 Tori pays the amount outstanding to Simple Cooks Oct-19 Tori receives the 50 Speedy slow cookers from Wonder Cook and the invoice for $2,750. Oct-19 The responsible party receives and pays the $100 shipping invoice from Wee Ship Shippers for the 50 Speedy slow cookers Oct-20 Tori receives the 30 Slow slow cookers from Simple Cooks. The Invoice is for $900. Oct-20 The responsible party receives and pays the S60 shipping invoice from Wee Ship Shippers for the 30 Slow slow cookers Oct-21 During the week, Tori sells 40 Speedy slow cookers and 40 Slow slow cookers for cash. Oct-21 Tori found 5 defective Speedy slow cookers before they were sold and returned them to Wonder Cook. They were purchased for $56.00 per cooker Oct-21 Tori orders 25 Speedy slow cookers from Wonder Cook. The cost is now $65 per cooker for a total cost of $1.625. Wonder's terms are 2/10, net/30. FOB shipping point. Oct-21 Ton orders 22 Slow slow cookers from Simple Cooks. The cost is $35.00 per cooker for a total cost of $770. Simple's terms are 1/10,net/30, FOB destination Oct-24 Tori pays her daughter for 40 hours of work (Oct 17 - 21). Oct-24 Tori pays the amount outstanding to Wonder Cook Oct-25 Tori receives the 25 Speedy slow cookers from Wonder Cook and the invoice for $1,625, Oct-25 The responsible party receives and pays the $50 shipping invoice from Wee Ship Shippers for the 25 Speedy slow cookers Oct-26 Tor receives the 22 Slow slow cookers from Simple Cooks. The Invoice is for $770. Oct-26 The responsible party receives and pays the $44 shipping invoice from Wee Ship Shippers for the 22 Slow slow cookers Oct-28 During the week, Ton sells 40 Speedy slow cookers and 30 Slow slow cookers for cash. Oct-28 Tori orders 40 Speedy slow cookers from Wonder Cook. The cost is $60.00 per cooker for a total cost of $2,400. Wonder's terms are 2/10, net/30, FOB shipping point. Oct-28 Tori orders 30 Slow slow cookers from Simple Cooks. The cost is $32.00 per cooker for a total cost of $3,200. Simple's terms are 1/10, net/30, FOB destination Oct-31 Tori pays the amount outstanding to Wonder Cook. Oct-31 Tori pays her daughter for 40 hours of work (Oct 24 - 28). Oct-31 Tori receives a $3,000 utility bill for October but does not pay the bill. Oct-31 Tori withdraws $8,000 from business to go party for a couple of days. Oct-31 Tori takes an inventory of her supplies and finds that she used $4,000 in supplies. Case requirements: As the accountant, use your training and judgment to analyze the events above. 1 Analyze each event and determine if it needs to be recorded in the accounting record. If so, record it on the "Journal Entries" sheet. If not, indicate NO ENTRY on the "Journal Entries" sheet 2 Accumulate the account balances for the month (You may want to use T-Accounts). Review the account balances to determine it you need to make ANY ADJUSTING JOURNAL ENTRIES IF so, record the adjustments on the "Adjusting Entries" sheet. Don't forget that Tori's daughter has worked October 31st BUT WILL NOT BE PAID until November 6th. 3 Record all adjusting entries on the "Adjusting Entries" sheet 4 Prepare the "Worksheet". 5 Prepare the Income Statement for Cook Me. 6 Prepare the Statement of Owner's Equity for Cook Me. 7 Prepare the Balance Sheet for Cook Me. 8 Prepare the Closing Entries 9 Prepare the Post Closing Trial Balance for Cook Me