Echo Lake Company started operations on November 1, 2018. Nine transactions occurred during November. Financial statements are prepared at the end of the month. Requirements 1. Use Excel to prepare a transaction analysis of the nine transactions. Use the blue shaded areas for inputs. a. For each transaction, record the amount (either an increase or decrease) under the correct account. Enter only non-zero amounts. If an account is not affected by the transaction, leave the amount blank. Be sure to use a minus sign (-) if the amount is a decrease. Enter owner withdrawals and expenses as negative amounts. b. The row totals will be calculated automatically. c. The accounting equation (Assets = Liabilities + Equity) should remain in balance after each transaction. The accounting equation is calculated automatically to the right of the transaction table. 2. Prepare the income statement, statement of owner's equity, balance sheet, and statement of cash flows for the company. Each financial statement appears on a separate worksheet tab. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the Transaction Analysis tab. Excel Skills: 1. Enter numbers into cells. Enter text into cells. 2. Use Excel to prepare the income statement, statement of owner's equity, balance sheet and statement of cash flows. Excel Hint Expenses are entered as negative numbers in the transactional analysis table (because they reduce total equity), but entered as positive numbers in the income statement (they will be subtracted from revenues). Add a negative sign in front of each formula for expense on the income statement to reverse the sign. Cell E24 below contains the formula with a negative sign (= - B24). Rent Expense Income Statement -1,500 Rent Expense 1,500