Please explain proper steps by Step and Do Not Give Solution In Image Format ? ? and fast answering please ? Account nameCashAccounts ReceivableSuppliesInventory - SkisInventory - SnowboardsInventory - HelmetsInventory - BootsPrepaid InsuranceStorefront SignFurniture & FixturesComputer EquipmentAccounts PayableContributed CapitalAll Sports Factory (ASF)Unadjusted Trial Balance, December 31, 2022Retained Earnings (January 1, 2022)Service RevenueSales RevenueCost of SalesRent ExpenseSalaries ExpenseMarketing ExpenseTotalShow Transcribed TextInventory - SkisInventory - SnowboardsInventory - HelmetsInventory - Boots3Quantity Unit Cost$300$400$100$70205535Debit CAD$4,2003,3502,8006,0002,0005002,4503,6002,70012,0003,50017,98031,20088,0003,000$183,280Credit CAD$1. ASF uses a perpetual inventory system. Below is a breakdown of inventory on hand atDecember 31, 2022:3,85010,000$6,000$2,000$500$2,450135,25034,180$183,280Total Cost Net Realizable Value$5,700$2,250$550$2,3002. The company ran out of a popular helmet. They placed an order for 8 of these helmets onaccount at a cost of $100 each on December 28, 2022. Terms of this order were 2/10, n/30FOB shipping point. Olivia received an email notifying her of shipment on December 31,2022. Olivia looked forward to replenishing this popular item and adding it to inventoryupon receipt.3. A count of supplies was done on December 31, 2022, where $1,550 worth of supplies wasfound on hand.4. An insurance policy was purchased in March 2022 for the next 12 months starting April 1,2022, and the purchase was properly recorded.5. Olivia was ecstatic when the custom storefront sign arrived on March 1, 2022; just in timeto be put up before the store's official grand opening! She hopes that the sign will last forthe next 15 years.Olivia sure had fun designing and setting up the store! The furniture and fixtures sheinvested in (all of which was incurred within the first couple days of Janu 2022) areexpected to last for the next 10 years.Olivia wanted to ensure that she could monitor the store's operations and her teachingschedule. As such, she invested in both a laptop and tablet. Everything was purchased onJanuary 1, 2022 when she took advantage of some Boxing Day sales prices. She expects thatboth the laptop and tablet would be valuable for the next 5 years where she would need toexpect to upgrade.Straight-line method is used for the storefront sign and the furniture and fixtures, anddouble declining-balance method is used for the laptop and tablet. 6. Olivia offers skiing lessons. Lessons are sold individually or in packages. An individual lessonsells for $100. Packages of 5 lessons sell for $450 and packages of 10 for $850.Cash received from the sales is deposited in the company's bank account at the end of eachmonth. Bank reconciliations are prepared on an annual basis.There were 10 lesson packages sold in December 2022, but the lessons will not take placeuntil January 2023 due to the Christmas holidays. These were all 5-lesson packages and thecustomers paid in full and look forward to learning from Olivia. These lessons have beenrecognized as service revenue in December 2022, given it was the period in which cash wascollected.7. A customer bought a 10-lesson package in November 2022, and the lessons occurred inboth November and December. The customer promised to pay for the package onDecember 15, however they have yet to pay this amount owing and all methods ofcontacting them have been exhausted and the amount has been deemed uncollectible.This has Olivia worried that 10% of all her accounts receivable at the end of the year will notbe collected.8. The monthly salaries for employees are $8,000 (ignore payroll taxes), and salaries are paidon the 15th of each month for their work done in the previous month. Olivia has recordedsalaries expense each month from January to November 2022.9. ASF is subject to income tax and the tax rate is 30%.10. Olivia hired a payroll clerk, who is a very hard worker and did not take vacation in 2022.Employees do not typically report payroll errors, so Olivia does not need to monitor thepayroll clerk closely.Show Transcribed Texta) Please prepare the journal entries for 2022.b) Please prepare the Statement of Earnings, Statement of Retained Earnings, and Statement of Financial Position, for theperiod ended at December 31, 2022.c) Please list 2 internal control weakness with description and explanation of the weakness and recommended changes.Please solve using Microsoft Excel and provide Excel screenshot

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A form of accounting entry known as an adjustment journal entry is produced to adjust accounts for…