Comprehensive Problem for Chapters F:$8,$ F:$9,$ and F:$10$Top Quality Appliance$-$Long Beach has just purchased a franchise from Top Quality Appliance $($TQA$).$ TQA is a manufacturer of kitchen appliances. TQA markets its products via retail stores that are operated as franchises. As a TQA franchisee, Top Quality Appliance$-$Long Beach will receive many benefits, including having the exclusive right to sell TQA brand appliances in Long Beach. TQA appliances have an excellent reputation and the TQA name and logo are readily recognized by consumers. TQA also manages national television advertising campaigns that benefit the franchisees. In exchange for these benefits, Top Quality Appliance$-$Long Beach will pay an annual franchise fee to TQA based on a percentage of sales. The annual franchise fee is a separate cost and in addition to the purchase of the franchise.In addition to purchasing the franchise, Top Quality Appliance$-$Long Beach will also purchase land with an existing building to use for its retail store, store fixtures, and office equipment.The business will purchase appliances from TQA and resell them in its store, primarily to local building contractors for installation in new homes.Following is the chart of accounts for Top Quality Appliance$-$Long Beach. As a new business, all beginning balances are $O$.$Top Quality Appliance$-$Long Beachart of Account:CashBaker, CapitalPetty CashBaker, WithdrawalsAccounts ReceivableSales RevenueAllowance for Bad DebtsInterest RevenueMerchandise InventoryCost of Goods SoldOffice SuppliesFranchise Fee ExpensePrepaid InsuranceSalaries ExpenseInterest ReceivableUtilities ExpenseNotes ReceivableInsurance ExpenseLandSupplies ExpenseBuildingBad Debt ExpenseAccumulated Depreciation$-$ BuildingBank ExpenseStore FixturesCredit Card ExpenseAccumulated Depreciation$-$Store FixturesDepreciation Expense BuildingOffice EquipmentDepreciation Expense$-$Store FixturesAccumulated Depreciation$-$ Office EquipmentDepreciation Expense$-$Office EquipmentFranchiseAmortization Expense$-$ FranchiseAccounts PayableInterest ExpenseInterest PayableCash Short and OverNotes PayableTop Quality Appliance$-$Long Beach completed the following transactions during $2024,$ its first year of operations: