***USE AVAILABLE CHARTS OF ACCOUNTS ONLY, PLEASE***

Show the journal entries for Cake Studio's transactions below using ONLY the Charts of Accounts available: 1) INFORMATIONAL PART: The following 5 items (invoice #12345) were purchased on account. These items were purchased from Costco and are made available for reselling to consumers. (4) Frostings (3) Milks (3) Flours Total $4,398 $1,998 $999 $7,395 RECORD TRANSACTION PART: Paid Costco with check # 11223 with the purchase above. A 2% discount was given by Costco. 2) INFORMATIONAL PART: Sold frostings, milks, and flours on account to client Martha Stewart with invoice #67891, as follows: (1) Frostings (2) Milks (1) Flours Total $4,398 $1,998 $999 $5,516 RECORD TRANSACTION PART Received check# 22334 from Martha Stewart to pay for half of the purchase made above. | Later received a legal notification from Awesome Lawyers LLC that Martha Stewart filed for bankruptcy. The legal notification states that Martha Stewart will not be able to pay $1,000 owed to Cake Studio. Charts of Accounts Accounts Payable Notes Payable Interest Payable Common Stock Retained Earnings Home Dcor Restoration Services Safari Plan & Prep Services Sales Discounts Cost of Goods Sold Utilities Expense Office Supplies Expense Depreciation Expense Bad Debt Expense Rent Expense Interest Expense