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Your business is growing and operations in 2022 have been quite successful. Your business has purchased more equipment. It has also added another revenue stream: selling juicing machines to the public. You have a friend at Dillan Manufacturing that has agreed to sell you high-quality juicing machines at a wholesale price so you can sell them to the public at a profit. The business has the following trial balance as at November 30, 2022: Name of Your Business Adjusted trial balance November 30, 2022 5,037 2,150 2,250 118 4,650 1,540 63 652 110 Cash 130 Accounts receivable 135 Inventory 140 Supplies 160 Equipment 161 Accumulated depreciation 210 Accounts payable 230 Unearned revenue 240 Wages payable 245 Interest payable 260 Notes payable 310 capital 320 drawings 410 Sales revenue 505 Cost of goods sold 508 Advertising expense 515 Depreciation expense 527 Interest expense 540 Repairs expense 550 Supplies expense 563 Telephone expense 570 Wages expense 21 5,000 9,562 5,778 12,600 6,540 425 1,410 256 107 279 294 144 29,438 29,438 The $2250 inventory balance is comprised of 3 juicing machines that cost $750 each. The note payable is to the bank and interest is paid on the 1st day of each month. You had paid off the loan to your mother early in 2022. The following transactions happen during the month of December, 2022: Dec 1 2. You paid the November interest owing on the bank loan. You issued cheque #317. You collected $990 cash from a customer, on account, to whom you had previously sold a juicing machine. You paid the November 30 balance of accounts payable. You issued cheque #318. 9 11 You purchased, on account, 3 more juicing machines for $780 each (excluding freight). The purchase invoice also included a $51 freight charge for the cost of transporting the machines from the vendor to your place. NOTE: Since you will use the FIFO cost-flow assumption, you should make a "FIFO Inventory Record" (See textbook Illustration 6.5) for your Juicing Machine inventory. 12 [ 14 21 23 27 You buy $202 of supplies such as protein powder, cups, straws, and fresh fruit and vegetables, on account You sold, on account, two juicing machines to Bill's Fitness for $990 each. You will use the FIFO method of recording inventory transactions. You make and deliver a batch of smoothies to Fred's Yoga Studio and you issue a sales invoice of $365. The invoice is payable in 30 days. You paid the amount owing on the December 11 purchase. You issued cheque #319. You purchased, on account, 2 more juicing machines for $790 each (excluding freight). The 2 purchase invoice also included a $40 freight charge for the cost of transporting the machines from the vendor to your place. You paid $85 cash for repairs done to some equipment. You issued cheque #320. You sold, on account, two juicing machines to the owners of City Contemporary Dance Studio (Remember that freight is part of inventory). The selling price of each machine was $990. 28 29 30 31 You received a $103 e-bill for your business cell phone service for December and you paid it immediately. You issued cheque #321. You collected $1980 cash from a customer whom you had, on December 14, sold two juicing machines. You paid a casual worker $73 cash for wages for work done in December. You issued cheque #322. 31 Instructions b. Prepare the journal entries for the transactions that occurred in December, 2022. For transactions affecting 'Cash', include the cheque number in the explanation. c. Post the journal entries to the general ledger. d. Prepare an unadjusted trial balance. Your business is growing and operations in 2022 have been quite successful. Your business has purchased more equipment. It has also added another revenue stream: selling juicing machines to the public. You have a friend at Dillan Manufacturing that has agreed to sell you high-quality juicing machines at a wholesale price so you can sell them to the public at a profit. The business has the following trial balance as at November 30, 2022: Name of Your Business Adjusted trial balance November 30, 2022 5,037 2,150 2,250 118 4,650 1,540 63 652 110 Cash 130 Accounts receivable 135 Inventory 140 Supplies 160 Equipment 161 Accumulated depreciation 210 Accounts payable 230 Unearned revenue 240 Wages payable 245 Interest payable 260 Notes payable 310 capital 320 drawings 410 Sales revenue 505 Cost of goods sold 508 Advertising expense 515 Depreciation expense 527 Interest expense 540 Repairs expense 550 Supplies expense 563 Telephone expense 570 Wages expense 21 5,000 9,562 5,778 12,600 6,540 425 1,410 256 107 279 294 144 29,438 29,438 The $2250 inventory balance is comprised of 3 juicing machines that cost $750 each. The note payable is to the bank and interest is paid on the 1st day of each month. You had paid off the loan to your mother early in 2022. The following transactions happen during the month of December, 2022: Dec 1 2. You paid the November interest owing on the bank loan. You issued cheque #317. You collected $990 cash from a customer, on account, to whom you had previously sold a juicing machine. You paid the November 30 balance of accounts payable. You issued cheque #318. 9 11 You purchased, on account, 3 more juicing machines for $780 each (excluding freight). The purchase invoice also included a $51 freight charge for the cost of transporting the machines from the vendor to your place. NOTE: Since you will use the FIFO cost-flow assumption, you should make a "FIFO Inventory Record" (See textbook Illustration 6.5) for your Juicing Machine inventory. 12 [ 14 21 23 27 You buy $202 of supplies such as protein powder, cups, straws, and fresh fruit and vegetables, on account You sold, on account, two juicing machines to Bill's Fitness for $990 each. You will use the FIFO method of recording inventory transactions. You make and deliver a batch of smoothies to Fred's Yoga Studio and you issue a sales invoice of $365. The invoice is payable in 30 days. You paid the amount owing on the December 11 purchase. You issued cheque #319. You purchased, on account, 2 more juicing machines for $790 each (excluding freight). The 2 purchase invoice also included a $40 freight charge for the cost of transporting the machines from the vendor to your place. You paid $85 cash for repairs done to some equipment. You issued cheque #320. You sold, on account, two juicing machines to the owners of City Contemporary Dance Studio (Remember that freight is part of inventory). The selling price of each machine was $990. 28 29 30 31 You received a $103 e-bill for your business cell phone service for December and you paid it immediately. You issued cheque #321. You collected $1980 cash from a customer whom you had, on December 14, sold two juicing machines. You paid a casual worker $73 cash for wages for work done in December. You issued cheque #322. 31 Instructions b. Prepare the journal entries for the transactions that occurred in December, 2022. For transactions affecting 'Cash', include the cheque number in the explanation. c. Post the journal entries to the general ledger. d. Prepare an unadjusted trial balance

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