King Sports owned by Tim Lane, sells sports equipment to schools and sporting clubs in Victoria. The following balances were reported in the Balance Sheet as at 30 June 2019. Account Name Balance ($) Cash at bank 39 400 Accounts receivable 2 800 Accounts payable 1 200 Capital Tim Lane 41 000 (Note this question continues over the page) 4 Week 8 Question 3 (Contd) Transactions for July 2019 were as follows: July 2 Received $2800 from accounts receivable 3 Paid $1000 of accounts payable 4 Paid rent for July $700 5 Sent invoice to customer $5600 7 Purchased office equipment for cash $2000 9 Recorded cash sales $800 10 Recorded credit sales $1500 14 Purchased office supplies for cash $330 23 Recorded cash sales $2000 31 Cash drawing by Tim Lane $800 Required: a. Prepare worksheet entries for the business transactions for the month ended 31 July 2019. b. Describe how an accounting worksheet assists in the preparation of the statement of profit or loss and the balance sheet.