$554355356358357$ Transactions for a Basic Business$359$ You operatea sneaker store for $3$ months from February to April out of your parent's garage$\mathrm{.}360$ Post the business's transactions by entering either a positive or negative value in the appropriate yellow cells$\mathrm{.}361362$ inputs:$363364365366$TRUE$367368369370$Assets are defined as something valuable that an entity owns, benefits from, or has use of$,$ in generating income$\mathrm{.}385$You purchase sneakers at $$120$ and after painting and bedazzling them you sell them for $$220.$You pay no taxes and Net Income$=$ Change in Equity.TransactionDate$3711/25/20193722/1/20193732/9/20193742/12/20193752/15/20193762/25/20193773/1/20193783/15/20193794/1/20193804/6/20193814/15/20193824/20/20193834/15/20193844/25/2019$Business TransactionsPrepay $$300$ total for $3$ Months Rental of ShelvesReceive February Shelf Rental InvoicePurchase $10$ pairs on credit due $4/6$Sell $1$ pair for cashPay Owners February Salary of $$30/$monthSell $4$ pairs on credit due $4/15$Receive March Shelf Rental invoicePay Owners March Salary of $$30/$monthReceive April Shelf Rental invoicePay the total invoice for $2/9$ merchandise purchase $($row $373)$Pay Owners April Salary of $$30/$monthSell $3$ pairs for cashReceive cash payment for $2/25$ saleSell $2$ pairs at $20\%$ discount for cash$386$ Management ReportingAccounting TransactionsRevenuesIncome StatementCost ofRevenues$387$ Having posted the accounting transactions you are going to analyze the resulting management reportingSG&ANet IncomeCashAccounts ReceivableBalance SheetInventoryPrepaid RentAccountsPayableChange inAssets $=$SChange inLiabilities$$+$Change inEquity