Becky and her family visit the local weekend farmers' market on their weekly shopping trip. Sally,...

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Becky and her family visit the local weekend farmers' market on their weekly shopping trip. Sally, a local candy producer, and friend of Becky's family, sells her candy at a booth at the market during December to meet demand for the holidays. Sally no longer wants to work weekends but wants to continue to maintain interest in her product among farmers' market customers. Sally knows that Becky is a budding entrepreneur and asks if she would like to take over the retail sales at the booth in December. Sally gives Becky the following information: Boxed Specialty Chocolates sells at a retail price of $19.00 each. Sally can prove that her chocolate has Fair-Trade Certification. Becky can buy boxed chocolate from Sally for $10.00 each. Becky will be responsible for paying the booth fees for her booth. The booth fee is $430 per month. Becky can keep any of the net income from market sales. Becky will return all unsold boxes to Sally at the end of the month. Sally expects to be paid for inventory that Becky acquired in December, but did not return, on January 10th the following year. Becky agrees to Sally's offer and decides to sell boxed Specialty Chocolates at the farmers' market during December 2022. Becky asks her brother, Joe, to help in her booth and she would pay him $300 for the month of December. Joe agrees. December 2022 Becky establishes her business as a corporation with a calendar year end and takes $3,200 out of her personal savings to buy common stock in the corporation. Becky acquires 375 boxes from Sally's storage unit. Becky pays the market manager the booth fee for December 2022 and sets up the booth. The Young Professionals Club asks Becky if they could buy 20 boxes, take them away that day, and mail her a check for payment in January. Becky agrees. Ms. James of Fair World Trade Coalition comes by representing her charitable organization that tries to make holidays more bearable for the less fortunate in Oregon. Ms. James, seeing the Fair-Trade Certification sign, asks Becky if she would consider donating boxed chocolates to this worthy cause. Becky says yes and gives Ms. James 15 boxes of chocolate. Becky sells 324 boxes of chocolates to market-goers during the month. Becky pays Joe for his December work. Becky returns all remaining unsold boxes to Sally. Becky pays the stockholder a dividend of $1,200. Project Requirements Prepare in Excel, using accrual accounting: Prepare journal entries for all activity 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 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 multi-step income statement. Prepare a statement of retained earnings. Prepare a 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 post-closing trial balance. Becky and her family visit the local weekend farmers' market on their weekly shopping trip. Sally, a local candy producer, and friend of Becky's family, sells her candy at a booth at the market during December to meet demand for the holidays. Sally no longer wants to work weekends but wants to continue to maintain interest in her product among farmers' market customers. Sally knows that Becky is a budding entrepreneur and asks if she would like to take over the retail sales at the booth in December. Sally gives Becky the following information: Boxed Specialty Chocolates sells at a retail price of $19.00 each. Sally can prove that her chocolate has Fair-Trade Certification. Becky can buy boxed chocolate from Sally for $10.00 each. Becky will be responsible for paying the booth fees for her booth. The booth fee is $430 per month. Becky can keep any of the net income from market sales. Becky will return all unsold boxes to Sally at the end of the month. Sally expects to be paid for inventory that Becky acquired in December, but did not return, on January 10th the following year. Becky agrees to Sally's offer and decides to sell boxed Specialty Chocolates at the farmers' market during December 2022. Becky asks her brother, Joe, to help in her booth and she would pay him $300 for the month of December. Joe agrees. December 2022 Becky establishes her business as a corporation with a calendar year end and takes $3,200 out of her personal savings to buy common stock in the corporation. Becky acquires 375 boxes from Sally's storage unit. Becky pays the market manager the booth fee for December 2022 and sets up the booth. The Young Professionals Club asks Becky if they could buy 20 boxes, take them away that day, and mail her a check for payment in January. Becky agrees. Ms. James of Fair World Trade Coalition comes by representing her charitable organization that tries to make holidays more bearable for the less fortunate in Oregon. Ms. James, seeing the Fair-Trade Certification sign, asks Becky if she would consider donating boxed chocolates to this worthy cause. Becky says yes and gives Ms. James 15 boxes of chocolate. Becky sells 324 boxes of chocolates to market-goers during the month. Becky pays Joe for his December work. Becky returns all remaining unsold boxes to Sally. Becky pays the stockholder a dividend of $1,200. Project Requirements Prepare in Excel, using accrual accounting: Prepare journal entries for all activity 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 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 multi-step income statement. Prepare a statement of retained earnings. Prepare a 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 post-closing trial balance.

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I can certainly guide you through the process of preparing these documents in Excel However it would ... View the full answer