In addition to the required items 1-3 (4 is optional), write a description for each of the transactions a - j.

PR 1-3A Financial statements 08.5 Seth Feye established Reliance Financial Services on July 1, 2014. Reliance Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transaction for July are shown below. Instructions 1. Prepare an income statement for the month ended July 31, 2014. 2. Prepare a retained earnings statement for the month ended July 31, 2014. 3. Prepare a balance sheet as of July 31,2014. 4. (Optional), Prepare a statement of cash flows for the month ending July 31, 2014