Kaylee James, a connoisseur of fine chocolate, opened Kaylee's Sweets in Collegetown on February 1. The shop specializes in a selection of gourmet chocolate candies and a line of gourmet ice cream. You have been hired as a manager. Your duties include maintaining the store's financial records. The following transactions occurred in February, the first month of operations. A. Received four shareholders' contributions totaling $28,800 cash to form the corporation; issued 700 shares of $0.10 par value common stock. B. Paid three months' rent for the store at $1,750 per month (recorded as prepaid expenses). C. Purchased and received candy for $6,300 on account, due in 60 days. D. Purchased supplies for $1,430 cash. E. Negotiated and signed a two-year $15,000 loan at the bank, receiving cash at the time. F. Used the money from (e) to purchase a computer for $2,600 (for recordkeeping and inventory tracking); used the balance for furniture and fixtures for the store. G. Placed a grand opening advertisement in the local paper for $470 cash; the ad ran in the current month. H. Made sales on Valentine's Day totaling $3,200; $2,715 was in cash and the rest on accounts receivable. The cost of the candy sold was $1,400.I. Made a $610 payment on accounts payable. J. Incurred and paid employee wages of $1,800.K. Collected accounts receivable of $110 from customers. L. Made a repair to one of the display cases for $140 cash. M. Made cash sales of $2,900 during the rest of the month. The cost of the candy sold was $1,710.Required:Record in the T-accounts the effects of each transaction for Kaylee’s Sweets in February, referencing each transaction in the accounts with the transaction letter. Show the ending balances in the T-accounts. An example amount has been posted to the Cash T-Account from transaction (l).