Consider the following June actual ending balances and July 31, 2024 budgeted amounts for Odins: i (Click the icon to view the information.) Prepare a budgeted balance sheet for July 31, 2024. (Hint: It may be helpful to trace the effects of each transaction on the accounting equation to determine the ending balance of each account.) . . . Complete the accounting equation for the July operating information. (Use a minus sign or parentheses to enter account reductions and contra asset balances and activity. If an input field is not used in the equation leave it empty; do not enter a zero. Abbreviations used: A/P = Accounts Payable, A/R = Accounts Receivable, Accum. Deprec. = Accumulated Depreciation, Merch. = Merchandise.) Stock- Merch. (Accum. Accounts holders' Cash + A/R + Inventory + Furniture + Deprec.) Payable + equity June 30 balance $ 11,700 + $ 5,170 + $ 17,780 + $ 34,700 + $ (29,820) = $ 10,800 + $ 28,730 Purchase inventory (4,600) + 4,600 + + + Payments of A/P (8,700) + + (8,700) + Depreciation (200) + (200) Cost of Goods Sold +\fOpals Budgeted Balance Sheet July 31, 2018 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Total Current Assets Property, Plant, and Equipment: Furniture and Fixtures Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Stockholders' Equity Total Liabilities and Stockholders' EquityMore info a. June 30 Merchandise Inventory balance, $17,780 b. July purchase of Merchandise Inventory, $4,600, paid in cash c. July payments of Accounts Payable, $8,700 d. June 30 Accounts Payable balance, $10,800 e. June 30 Furniture and Fixtures balance, $34,700; Accumulated Depreciation balance, $29,820 f. June 30 total stockholders' equity balance, $28,730 g. July Depreciation Expense, $200 h. Cost of Goods Sold, 70% of sales i. Other July expenses, including income tax, $4,000, paid in cash j. June 30 Cash balance, $11,700 k. July budgeted sales on account, $12, 100 1. June 30 Accounts Receivable balance $5, 170 m. July cash receipts from payments on account, $14,200 Print Done