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) Analyze the events provided below and prepare the applicable journal entries using the template provided on UofR Courses. b) Create financial statements for period ending Feb 1, 2024. Using the journal entries create the following financial statements: o Statement of Income (single step format) o Statement of Financial Position (NO current and non-current classification) o Statement of Retained Earnings o Statement of Changes in Equity Due - Sep 30 (Sat) at 10:00 am. Submit the excel template on UR Courses with the following name: Bus 285 - Assignment #1 - Lastname, Firstname Sample: Bus 285 - Assignment #1 - Linton, Randy Marks - Worth 2% of your final grade. 2 Events: The business you are doing the accounting for is Mary Browns Chicken Inc. (MBC). MBC is a restaurant located in Regina. Analyze the following events and prepare any applicable journal entry that is required: 1) Jan 1 - Issued 10,000 shares in total to 2 different shareholders. The shareholders paid $2 per share. 2) Jan 2 - Paid $12,000 of cash to a landlord for their lease. Rent was for the month of Jan 2024. 3) Jan 2 - Received a bank loan of $300,000 from Royal Bank of Canada. 4) Jan 3 - Paid $160,000 of cash to purchase equipment for the restaurant. 5) Jan 3 - Paid $110,000 of cash to renovate the restaurant space they are leasing. 6) Jan 3 - Paid $1,000 to lease additional kitchen equipment for the restaurant for the month of Jan 2024. 7) Jan 4 - Was invoiced $3,000 for advertising by FreshView Marketing. This digital advertising will take place over the month of Jan 2024. 8) Jan 7 - Purchased $31,000 of inventory from Tyson Foods Inc. The inventory purchased was as follows: MBC paid for all the food on account (at a time in the future). MBC paid for all the bottle drinks with cash. Type Units Cost per Unit Total (Units / Bottles) ($) ($) Food - Sides 4,000 2.00 8,000 Food - Meat 3,000 7.00 21,000 Bottled Drinks 2,000 1.00 2,000 Total 31,000 Inventory - Purchased Business Administration 285 Assignment #1 Fall 2023 3 9) Jan 8 to 28 - Over the month of Jan MBC sold the following food and drink. All cash related to these sales was received. 10)Jan 29 - Paid $20,000 of cash to Tyson Foods Inc. 11)Jan 29 - Paid $15,000 in cash for wages to its employees. 12)Jan 29 - Paid $3,000 of cash to FreshView Marketing. 13)Jan 30 - Paid $4,000 of cash to its shareholders via dividends. 14) Feb 1 - MBC sold $1,000 of giftcards to customer. These giftcards can be used to purchase products from MBC. 15) Feb 1 - MBC wanted to get insurance for its operations. On Feb 1 they paid $6,000 for insurance that covers the following months: NOTE: Only do the entries for the dates given above. Do not create statements for Year-End Dec 31, 2024.instead you are creating them for the period ending Feb 1, 2024

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