Naran: bueifests prepared the following Trial Dalamee: The following transactions occurred during the month of July 2012: a) July 3rd-Signed up 20 professors from Niagara College for a full-year membership which will begin on September 1"w when the professors return from their summer break. Collected $24,000 in cash. b) July 5th - Found a new treadmill on sale for $2,000 (normally the treadmill sells for $3,000 ). Purchased it for $700 in cash and agreed to pay the remainder in August. c) July 28 - After a minor injury to an employee, you decided it was time to purchase insurance for the business. One year of coverage costs $1,200 (which you paid today) and starts on August 1ur. d) July 29th Collected $7,200 of the previously uncollected June memberships sold in June. e) July 31" - Monthly memberships sold for (and used during) July total $29,000,$22,000 of this was received in cash, with the remainder on account. Reguired: Record the transactions for July and generate financial statements for the 2 -month period ending July 31 . 2012 . Clearly indicate what each step is called