Narne: You opened White Ouks Fitness Centre ("WOFC-) and began operations on Jane 1, 2012, Al the end of June, the bosiness pecpured the following Trial Balante: The following transactions occurred during the month of July 2012: a) July 3rd-Signed up 20 professors from Niagara College for a full-year membertuip which will begin on September 14/ when the professors return from their summer break. Collected $24,000 is cash. b) July 5th - Found a new treadmill on sale for $2,000 (normally the tresdmill sells for $3,000 ). Purchased it for $700 in cash and agreed to pay the renainder in Augast. c) July 28th After a minor injury to an cmployee, 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 1st d) July 292 - Collected $7,200 of the previously uncollected June memberships sold in June. c) July 31" - Monthly memberships sold for (and used during) July total $29,000,522,000 of this was received in cash, with the remainder on account. Required: Record the transactions for July and generate financial statements for the 2 -month period ending July 31tt, 2012 . Cleariy indicate what each step is called