Grace's Diner, Inc. This case study must be completed in Excel or other spreadsheet program using the formats provided in this workbook. Objectives: 1.Practice the steps involved in the Accounting Cycle 2.Practice electronic spreadsheet skills a. Formulas b. Linking worksheets 3. Practice preparing data visualization items. Instructions 1.Using the Chart of Accounts provided, record the transactions for month of June in the General Journal. Do not add new accounts. 2.Post the General Journal entries to the General Ledger. 3.Prepare the Unadjusted Trial Balance in the Trial Balance tab. 4.Journalize any adjusting entries in the General Journal and post to the General Ledger. Show your calculations for the adjustments in the Adjustments tab. 5.Prepare the Adjusted Trial Balance in the Trial Balances tab. Also the Income Statement and Balance Sheet on the Trial Balance worksheet. 6.Prepare the Income Statement,Statement of Shareholder's Equity, and Balance Sheet for the period of July 1, 2018 - June, 30 2019 in the appropriate tabs.Ignore the effects of income tax. 7. Prepare an appropriate data visualization of financial results (either income statement or balance sheet). 8. Prepare and post the closing entries for the year ended July 31, 2019. 9. Note the following additional information: 1. The business began on July 1, 2018. 2. The period under consideration isJuly 1, 2018 - June 30, 2019. 3. For the purposes of this assignment, ignore the effects of income tax, property tax, sales tax, and payroll tax. 4. Straight-line depreciation method is used. 5. The supplies on hand June 30, 2019 were $750. 6. Physical count of food inventory on hand June 30, 2019 was $1,500. 7. The telephone bill for June 30, 2019 for $135 was received July, 2019. 8. The utility bill for June 30, 3019for $285 was received July 2019. 9. For the purposes of this assignment, consider the note payable for delivery van purchase to be a current liability. 10. The following transactions occurred in the first month of operations and are reflected in the general ledger account balances: July 1, 2018 Liz Burnes and her brother, James each invested $15,000 in a corporation they formed to run Grace's Diner, Inc. Each were issued 1,500 shares of $10 par value common stock. July 1, 2018 The corporation took a $30,000 small business loan from a local bank. The loan is an 'interest only' loan for three years at a fixed rate of 12% per year. A balloon payment of the principal will be due in 3 years. The monthly interest payment is due by the 10th of the following month. July 1, 2018 Because this was a new business, the landlord required the business to prepay $6,000 for the rent for the first six month, plus a $1,500 security deposit for a total cash outlay of $7,500. July 1, 2018 The business purchased equipment and fixtures for $20,000 in cash. The assets have a useful life of 10 years. July 1, 2018 The company purchased a delivery van value at $40,000 with a $15,000 down payment and a 3-year, $25,000 note payable with an annual intereste rate of 6%. The truck has a 10-year useful life. The monthly payment including principal and interest is $760.55. July 8, 2018 Preston Hill, a local B & B, arranges with Grace's Diner to provide breakfast for their guests at $10 per person per day. Grace's Diner will bill the B & B at the end of each month for the meals provided. Payment is required by the 10th of the next month. July 15, 2018 Paid $4,800 for two-year fire and liability insurance with coverage beginning September 1, 2018.