Sweet Dreams Chocolatiers Ltd. began operations on January 1,2016. During its first year, the follow

Sweet Dreams Chocolatiers Ltd. began operations on January 1,2016. During its first year, the following transactionsoccurred: 1.Issued common shares for $200,000 cash. 2.Purchased $475,000 of inventory onaccount. 3.Sold inventory on account for $640,000. Theoriginal cost of the inventory that was sold was $380,000. 4.Collected $580,000 from customers onaccount. 5.Paid $430,000 to suppliers for the inventorypreviously purchased on account. 6.Bought a delivery vehicle for $36,000cash. 7.Paid $26,000 for rent, including $2,000related to the next year. 8.Incurred $20,000 of operating expenses, ofwhich $18,000 was paid. 9.Recorded $2,000 of depreciation on thevehicle. 10.Declared and paid dividends of $6,000. Required a.   Prepare journal entries to record each of the abovetransactions. b.   Create T accounts and post the journal entries to the Taccounts. c.   Prepare a December 31, 2016, trial balance. . . .

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