Kelani Brookstone, an accountant, owns her own business named KB Accounting Services. The following are her assets and liabilities on June 30th, 2020. A/P - A. Borg & Son $ 1,000 Equipment 12,000 A/P - Familiar Finance 3,000 Bank 4,000 Loan Payable D. Terry (aunt) 6,800 A/R - R. Fawcett 300 Bank Loan 11,500 Automobile 30,000 A/P - Proctor's Ltd. 700 Supplies 800 A/R O. Reingold 2,500 A/R - R. Steffan 700 Set up Kelani Brookstones's financial position in T-accounts on the tab labelled 'ledger.' Check that you set up your financial position correctly by doing a verification check. Hint: A = L-OE For the July transactions below, record the accounting entries in T-Accounts on the ledger tab. Transactions 1 Received on account, $2,500 from O. Reingold. 2 Paid on account, the outstanding balance to A. Borg & Son. 3 Reduced the loan payable to D. Terry by $1,000. 4 The owner withdrew $500 cash from the business for her personal use. 5 Sold on account an accounting service for R. Fawcett at a price of $370. 6 Paid $200 cash to repair the office air conditioner. Received a statement from the bank confirming the bank loan payment of $3,100 taken directly from our business bank 7 account. 8 Performed an accounting service for Chris Scott. He paid $200 cash. 9 Received $500 cash for an old computer. The computer is included in the Equipment figure at $2,000. 10 Paid $75 cash for supplies. 11 Purchased a printer at a cost of $800 from Proctor's Limited. Paid cash. 12 Paid $150 on the loan payable to D. Terry. Calculate the account balances and balance the ledger by creating a trial balance dated July 31, 2020. Put your trial balance on the tab labelled 'trial balance'. Thinking Question: What statement could you make about the change in financial position in the Bank account and the businesses ability to pay it's creditors? What is one thing the business could do to resolve this situation?