BA$211$ Project $-$ Winter Term $2025$ Specialty Chocolates, Inc.

Sally and her family visit the local weekend farmers' market on their weekly shopping trip. Brenda, a local candy producer, and friend of Sally's family, sells her candy at a booth at the market during December to meet demand for the holidays.

Brenda no longer wants to work weekends but wants to continue to maintain interest in her product among farmers' market customers. Brenda knows that Sally is a budding entrepreneur and asks if she would like to take over the retail sales at the booth in December. Brenda gives Sally the following information:

Each box of Specialty Chocolates sells at a retail price of $$24\mathrm{.}00$ each.

Sally can buy boxed chocolate from Brenda for $$16\mathrm{.}00$ each.

Sally will be responsible for paying the booth fees for her booth. The booth fee is $$490$ per month.

Sally can keep any of the net income from market sales.

Sally will return all the unsold boxes that she acquires from Brenda's storage unit back to Brenda at the end of December.

Brenda expects that Sally will pay Brenda for the inventory that Sally acquired but did not return on January ${10}^{th}$ the following year.

Sally agrees to Brenda's offer and decides to sell boxed Specialty Chocolates at the farmers' market during December $2024.$ Sally asks her brother, Joe, to help in her booth and she would pay him $$300$ for the entire month of December. Joe agrees.December $2024$

Sally establishes her business as a corporation with a calendar year end and takes $$3,500$ out of her personal savings to buy common stock in the corporation.

Sally acquires $470$ boxes from Brenda's storage unit.

Sally pays the market manager the booth fee for December $2024$ and sets up the booth.

One Saturday in December the director of the local holiday community food bank comes to the booth representing this charitable organization. The director asks Sally if she would consider donating boxed chocolates to this worthy cause. Sally says yes and gives Ms$.$ James $10$ boxes of chocolate.

On another Saturday in December, The Rotary Club asks Sally if they could buy $30$ boxes, take them away that day, and mail her a check for payment in January. Sally agrees.

Sally sells a total of $385$ boxes of chocolates to other market$-$goers during the month.

At the end of the month Sally pays Joe for his December work.

Sally returns all the remaining unsold boxes to Brenda by the end of the month.

Sally pays the stockholder a dividend of $$1,000$ at the end of the month.Project Requirements Prepare in Excel, using accrual accounting:

Prepare journal entries for all activities. Do not include explanations. Use the month and year for the dates on journal entries. Do not differentiate between general and adjusting entries.

Post journal entries to T$-$accounts and calculate T$-$account balances for the year.

Prepare a $2024$ trial balance. Since you do not differentiate between general and adjusting entries, prepare one trial balance after all entries are prepared, posted, and T$-$account balances are calculated.

Prepare a $2024$ multi$-$step income statement.

Prepare a $2024$ statement of retained earnings.

Prepare a $2024$ balance sheet.

Prepare closing journal entries, post to T$-$accounts, and re$-$calculate ending T$-$account balances. Head this set of journal entries "Closing Entries."

Prepare a $2024$ post$-$closing trial balance.

SHOW WORK FOR ALL REQUIREMENTS