Financial statements are prepared for a specific period of time. This concept is known as the concept. WEST SECURE Balance Sheet July 31, 2023 Manny Gill is an entrepreneur who started West Secure, a business that provides a number of security guard services. West Secure incurred the following transactions during July 2023 , its first month of operations: July 1 The owner, Manny Gill, invested $4,400 cash. 10 Purchased $1,900 worth of security equipment on credit. 12 Performed security services for a sold-out concert and received $11,000 cash from the client. 14 Paid for expenses; $2,900. 15 Completed security services for a graduation event and sent the client a bill for $1,200. 31 The owner withdrew $190 cash for personal use