You are $in$ your second year $in$ the BCom program $at$ York University and came back home for the summer. $In$ past summers you have hold several part time jobs. $In$ your spare time, you are a very active fundraiser for Paws Support and their international missions.

You had the fundraising idea $of$ operating a booth $to$ sell soft drinks, coffee, croissants, and other baked goods $in$ the library park where all community events are held between May and August. They include all sorts $of$ neighbourhood parties that showcase local street art dealers, performers, local shoppes and artists.

You approached Paws Support with the idea and a week later you got the approval $to$ create the booth and were given $a$ $$4,100$ advancement $to$ cover the start $up$ costs. Once you got the funds $on$ May $1st,$ planning started. Among the activities performed you got donations, permits, signage, tent, display cases, water, electrical connections and the municipal permit for the booth.

One $of$ the first steps $isto$ pay $in$ cash $on$ May $1stto$ the Municipality for the booth permit $(cost$ $$820$ for the season, $1$ day $or4$ months same cost, $soitis$ expensed $in$ May$)$ and cleaning fees $(pay$ for a refundable deposit $of$ $$410$ that will $be$ returned $on$ August $31stif$ the boot receives $no$ ticket from the municipality inspectors$).$

You were elated because the Library will allow your booth $to$ conect and use the Library utilities. Water, Drain, and Electricity connections, use and dismantle after the event had a cost $of$ $$1,025$ per month paid $in$ cash $on$ the last day $of$ each month, first payment $on$ May $31st.$ This fee includes safe storage $of$ the booth and equipment during week days.

Next stop was $at$ Equipment Rental $to$ rent display cases, portable sink, warming oven, refrigerator, tables, two coffee markers, and a cash register for $$615$ per month. For the month $of$ May add $$410$ for a refundable deposit that will $be$ reimbursed after all the equipment has been returned $in$ good shape $(reduce$ the rent payable $on$ Sep $5th).$ Rent $is$ due $on$ the fifth day $of$ the following month $(May$ payment and the deposit are due $on$ June $5th).$

$On$ May $1st$ you ordered a Booth Tent that will last three summers $(12$ months$)$ for $$1,230$ and signage for the booth for $$410$ that $is$ immediately expensed, paid for both with your MasterCard whose balance will $be$ due $on$ July $2nd.$ A total $of$ $$3,075$ has been pre$-$order $on$ May $1st$ for coffee, coffee cups, lids, and stir Stix. Delivery scheduled for May $10th,$ one third $of$ the total purchase has been used $in$ the month $of$ July. Payment $of50\%$ each are due $on$ May $15th$ and July $15th.$

$At$ General Drinks you ordered $on$ account a total $of205$ cases $of$ soft drinks per month, $tobe$ delivered $on$ the first $of$ each month, for $a$ $$3\mathrm{.}9$ a case. Payment for the total $of$ four months $is$ due $on$ June $30th.At$ the end $of$ the month there were $6$ cases $in$ inventory.

You spoke $to$ the owner $of$ the local bakery $to$ source Croissants and other assorted baked goods $to$ sell for the fundraiser. You agreed $on$ daily deliveries $on$ Fridays, Saturdays and Sundays for a total $of615$ units per month. You will pay $$1\mathrm{.}0$ for each item $on$ the last day $of$ the month. $If$ demand $is$ high, you will phone the bakery and more units will $be$ delivered $on$ site after $8pm$ for free.

When needed you $goto$ the local supermarket $to$ purchase Coffee Creamer, Sugar and Milk, paying $$205$ cash during the month. All $is$ used $in$ the month.

Every Friday morning you start setting everything $up.$ You have been lucky $to$ recruit other volunteers that will help you set $up,$ manage and dismantle the booth every weekend. You got a schedule that guarantees a minimum $of2$ people $in$ the booth $at$ any time.

The events during July were successful, everything was sold with only six full cases $of$ soft drinks left. Sales $of$ items for the month was $$8,200,$ there was a donation jar that had $$2,460$ which was deposited $at$ month end $in$ the bank. The cash advance will $be$ returned $on$ September $10th$ together with the total funds raised $in$ the summer.

$To$ solve the problem assume the opening balance for the month $is$ $$5,740$ for cash, $$1,845$ for Coffee, coffee cups and lids and $$3,136\mathrm{.}50$ for retained earnings. The opening balance $of$ Beverages Inventory $is$ zero.