Complete the question please. No specific sheet, just complete them in your own way.THANKS.

1)Oleg Buzzini is the sole stockholder of Cutting Edge Fashion Corporation, a fashion consulting firm that earns its revenue in the form of consulting fees.Below are the transactions which occurred in the operation of Cutting Edge during the month of June.Record each transaction of Cutting Edge on the worksheet that has been supplied for this purpose, including entries in the description column in proper form where required.There is no need to total all of the columns.

July 1Purchased Building at a cost of $180,000, making a cash down payment of $20,000. Borrowed the rest from a bank and issued a promissory note for the amount due.

July 4Performed consulting services for a client on account, $14,000

July 12Oleg Buzzini purchased stock in Cutting Edge for $15,000.

July 18A customer paid $16,000 to Cutting Edge on account

July 20Paid salary of assistant, $4,500

July 31Paid $1,000 to the bank, of which $150 was interest and the rest

was a repayment of the loan.

July 31Cutting Edge paid Buzzini a dividend of $500

2)Refer to the accounting record that you completed in #1.

a)The building depreciated $500 for the month of July.Record the adjustment for depreciation in the accounting record you created in #2.

b)A few sentences should do it.Suppose Oleg's accountant neglected to make the adjustment for depreciation.What would be the effect on theincome statementfor the month of July?Be specific.

c)A sentence or two should be sufficient.Suppose Oleg's accountant neglected to make the adjustment for depreciation.What would be the effect on thecash flow statementfor the month of July?Be specific.

d)What amount do customers owe Cutting Edge at the end of July?