Need to fill out Journal Entries, t-accounts, income statements and a balance sheet from the posted photos and information. Journal entries include dates needed.

Ex. first journal entry is

Accounts Receivable 2,727,000

Sales Revenue 2,727,000

Harriet's Hats, Inc. Harriet's Hats is a fictional company. The following information includes the balance sheet as of December 31,2023 , and the details of the transactions that occurred during 2024. Background: Harriet's Hats is a hat retailer (in other words, Harriet's buys hats from a hat manufacturer and then sells them in their stores). Transactions for 2024 are representative of such a company's business activities, HINT: Read through the entire assignment at least twice before beginning to do amy work. This will help you familiarize yourself with all of the important facts. Transactions for 2024: 1. Sales and Accounts Receivable. a. Harriet's hats during 2024 had a sales price of $101 per hat. All sales were made on account. b. Cash collections on account amounted to $2,454,300. c. On July 1,2024 , Harriet's identified $36,720 of receivables as being uncollectible and wrote them off. d. Harriet's follows a percentage-of-receivables approach to estimate their accounts receivable that will become uncollectible. As of the end of 2024, Harriet's estimates that 13% of their receivables will be uncollectible. 2. Inventory a. Harriet's began 2024 with 8,100 hats which had a cost of $68 each. Employees physically counted 4,200 hats remaining in the warehouse at the end of 2024 . Harriet's uses a LIFO inventory system to cost their inventory. 3. The following purchases (all on account) were made during 2024: i. January 15th6,300 hats $86.00 each ii. March 22nd4,500 hats $81.00 each iii. August 5th2,800 hats $66.00 each iv. October 26th9,500 hats 9 S $68.00 each b. During 2024 , Harriet's made cash payments to inventory suppliers on the following dates: 1. January 2901$433,440 ii. April 16ti$328,050 iii. October 2nd$184,800 iv. November 30th$516,800 4. Property, Plant and Equipment a. Harriet's uses straight-line depreciation for all of its store fixtures and office equipment. b. Below is a schedule of the store fixtures and office equipment Harriet's had in place at the c. On January 1, 2024, new store tixtures werc life and a $12,000 salvage value. miet's expects the fixtures to have a 10-year useful life and a $12,000,000. d. On July 1, 2024, office equipment (ID\#1876) was sold for $95,000. Sales Revenue Cost of Goods sold Rent Expens? Depresiation Expense Gain/Loss on Sale of Equipment Interest Expense Wages Expense Bad Debis Expense Other Expensws Income Tax Expense Dividends Harriet's Hats Balance Sheet Harriet's Hats Statement of Cash Flows As of December 31, 2024 Operating Activities Cash from Customers Cash paid for Inventory Cash paid for Rent Cash paid for Wages Cash paid for Other expenses Cash paid for Interest Cash paid for Income Taxes Cash from Operating Activities Investing Activities Cash paid for Equipment Cash from Equipment Sale Cash from Investing Activities Financing Activities Net Cash from Bank Loans Cash from Stock Issue Cash paid for Dividends Cash from Financing Activities Total Change in Cash Beginning Cash Balance Ending Cash Balance Page dof 12 Harriet's Hats Balance Sheet Assets As of December 31, 2024 Cish Accounts Recrivable Less: Allowance for Doubtful Accounts Net Accounts Receivable Prepaid Rent Inventory Total Current Assets Property, Plant, and Equipment Less: Accumulated Depreciation Net Property, Plant, and Equipment Total Assets Liabilities and Stockholders' Equity Accounts Payable Wages Payable Interest Payable Income Taxes Payable Notes Payable Total Current Liabilities Common Stock Shares Outstanding, par) Additional Paid In Capital Retained Earnings Total Liabilities and Stockholders' Equity Page 11 ot 12 5. Debt a. On August 1, 2024, Harriet's paid-off the note payable that was outstanding at the beginning of the period. The note had an 8% interest rate, had been issued on August 1 , 2023 , and required semiannual interest payments on Jan 31,2024 , and July 31,2024. b. On October 1, 2024, Harriet's borrowed $208,000 on a new note payable. The new note carries a 12% interest rate with semiannual interest payments required on March 31,2025 , and September 30, 2025. 6. Operations a. Harriet's made a rent payment of $300,000 on August 1, 2024. The payment was for rent on the store building and was prepaid for one year. The balance in the prepaid rent account at the end of 2023 represents the rent for January through July 31,2024 , that was paid for on August 1, 2023. b. Cash paid out during 2024 for wages totaled $236,000. Records indicate that salaries for the last week of December 2024 amounted to $85,000 and would be paid at the end of the first week in January 2025 (a two-week pay period). c. Other expenses (paid in cash) totaled $93,000. 7. Income Taxes a. On March 15, 2024, Harriet's paid their 2023 income taxes. Harriet's will pay their 2024 income taxes on March 15,2025. Harriet's has a 35% income tax rate for both 2023 and 2024. 8. Common Stock a. On January 1, 2024, Harriet's issued 5,000 additional shares of common stock for \$32 per share. Required: b. On December 1,2024 , dividends of $25,000 were declared and paid. 1. Using the journal and T-accounts provided, record the transactions that occurred during 2024. If no specific date is provided for a transaction, leave the date column blank. IMPORTANT: Since there are several transactions for which no date is given, the journal entries do NOT need to be in chronological order. All adjusting and closing entries should have December 31 , 2024 , as the date. 2. Prepare the balance sheet, statement of retained earnings, income statement, and statement of cash flows (direct format) for Harriet's Hats, Inc, for the year ended December 31, 2024. 3. Record the closing entries for the company (this step is often skipped, don't lose these points). Check Figures: - Basic Earnings Per Share: $2.84 (rounded from $2.84075711 ) - Total Current Assets: $1,343,343 - Total Stockholder' Equity: $832,448 - Net Cash from Operating Activities: $234,120 Harriet's Hats Income Statement Harriet's Hats, Inc. Harriet's Hats is a fictional company. The following information includes the balance sheet as of December 31,2023 , and the details of the transactions that occurred during 2024. Background: Harriet's Hats is a hat retailer (in other words, Harriet's buys hats from a hat manufacturer and then sells them in their stores). Transactions for 2024 are representative of such a company's business activities, HINT: Read through the entire assignment at least twice before beginning to do amy work. This will help you familiarize yourself with all of the important facts. Transactions for 2024: 1. Sales and Accounts Receivable. a. Harriet's hats during 2024 had a sales price of $101 per hat. All sales were made on account. b. Cash collections on account amounted to $2,454,300. c. On July 1,2024 , Harriet's identified $36,720 of receivables as being uncollectible and wrote them off. d. Harriet's follows a percentage-of-receivables approach to estimate their accounts receivable that will become uncollectible. As of the end of 2024, Harriet's estimates that 13% of their receivables will be uncollectible. 2. Inventory a. Harriet's began 2024 with 8,100 hats which had a cost of $68 each. Employees physically counted 4,200 hats remaining in the warehouse at the end of 2024 . Harriet's uses a LIFO inventory system to cost their inventory. 3. The following purchases (all on account) were made during 2024: i. January 15th6,300 hats $86.00 each ii. March 22nd4,500 hats $81.00 each iii. August 5th2,800 hats $66.00 each iv. October 26th9,500 hats 9 S $68.00 each b. During 2024 , Harriet's made cash payments to inventory suppliers on the following dates: 1. January 2901$433,440 ii. April 16ti$328,050 iii. October 2nd$184,800 iv. November 30th$516,800 4. Property, Plant and Equipment a. Harriet's uses straight-line depreciation for all of its store fixtures and office equipment. b. Below is a schedule of the store fixtures and office equipment Harriet's had in place at the c. On January 1, 2024, new store tixtures werc life and a $12,000 salvage value. miet's expects the fixtures to have a 10-year useful life and a $12,000,000. d. On July 1, 2024, office equipment (ID\#1876) was sold for $95,000. Sales Revenue Cost of Goods sold Rent Expens? Depresiation Expense Gain/Loss on Sale of Equipment Interest Expense Wages Expense Bad Debis Expense Other Expensws Income Tax Expense Dividends Harriet's Hats Balance Sheet Harriet's Hats Statement of Cash Flows As of December 31, 2024 Operating Activities Cash from Customers Cash paid for Inventory Cash paid for Rent Cash paid for Wages Cash paid for Other expenses Cash paid for Interest Cash paid for Income Taxes Cash from Operating Activities Investing Activities Cash paid for Equipment Cash from Equipment Sale Cash from Investing Activities Financing Activities Net Cash from Bank Loans Cash from Stock Issue Cash paid for Dividends Cash from Financing Activities Total Change in Cash Beginning Cash Balance Ending Cash Balance Page dof 12 Harriet's Hats Balance Sheet Assets As of December 31, 2024 Cish Accounts Recrivable Less: Allowance for Doubtful Accounts Net Accounts Receivable Prepaid Rent Inventory Total Current Assets Property, Plant, and Equipment Less: Accumulated Depreciation Net Property, Plant, and Equipment Total Assets Liabilities and Stockholders' Equity Accounts Payable Wages Payable Interest Payable Income Taxes Payable Notes Payable Total Current Liabilities Common Stock Shares Outstanding, par) Additional Paid In Capital Retained Earnings Total Liabilities and Stockholders' Equity Page 11 ot 12 5. Debt a. On August 1, 2024, Harriet's paid-off the note payable that was outstanding at the beginning of the period. The note had an 8% interest rate, had been issued on August 1 , 2023 , and required semiannual interest payments on Jan 31,2024 , and July 31,2024. b. On October 1, 2024, Harriet's borrowed $208,000 on a new note payable. The new note carries a 12% interest rate with semiannual interest payments required on March 31,2025 , and September 30, 2025. 6. Operations a. Harriet's made a rent payment of $300,000 on August 1, 2024. The payment was for rent on the store building and was prepaid for one year. The balance in the prepaid rent account at the end of 2023 represents the rent for January through July 31,2024 , that was paid for on August 1, 2023. b. Cash paid out during 2024 for wages totaled $236,000. Records indicate that salaries for the last week of December 2024 amounted to $85,000 and would be paid at the end of the first week in January 2025 (a two-week pay period). c. Other expenses (paid in cash) totaled $93,000. 7. Income Taxes a. On March 15, 2024, Harriet's paid their 2023 income taxes. Harriet's will pay their 2024 income taxes on March 15,2025. Harriet's has a 35% income tax rate for both 2023 and 2024. 8. Common Stock a. On January 1, 2024, Harriet's issued 5,000 additional shares of common stock for \$32 per share. Required: b. On December 1,2024 , dividends of $25,000 were declared and paid. 1. Using the journal and T-accounts provided, record the transactions that occurred during 2024. If no specific date is provided for a transaction, leave the date column blank. IMPORTANT: Since there are several transactions for which no date is given, the journal entries do NOT need to be in chronological order. All adjusting and closing entries should have December 31 , 2024 , as the date. 2. Prepare the balance sheet, statement of retained earnings, income statement, and statement of cash flows (direct format) for Harriet's Hats, Inc, for the year ended December 31, 2024. 3. Record the closing entries for the company (this step is often skipped, don't lose these points). Check Figures: - Basic Earnings Per Share: $2.84 (rounded from $2.84075711 ) - Total Current Assets: $1,343,343 - Total Stockholder' Equity: $832,448 - Net Cash from Operating Activities: $234,120 Harriet's Hats Income Statement