On August 1, 2020, Ally Forcum started a new business as a freelance writer of short stones for in agranes During August, the following transactions were completed August 2020 2 Ally invested $7,000 cash in her business, Ally & Co in return, she received capital stock 3 After looking at several computer systems, she decided on a new system and purchased the compute for $6,000 Pad the store $1000 cash and signed a 12% tote due in ax months for the balance The note was dated August 1, 2020 8 Paid $100 for office supplies 9 Rented a sin all office to use for wning and pad rent of 56,000 for the up coming 12 months, beginning August 1, 2020 11 Sold a completed story to a magazine for $1,500 on account 14 Sold a completed story to amagazine for $2,000 cash 22 Paid $300 for utilities for the month 23 Received $100 cash from customers for payment on their accounts Teceivable 24 Paid 575 to creditors (ie, reduced accounts payable) 30 Received a bill for insurance for the month of August The bill was $200 31 Paid $150 for August wages to her employee 31 Dedared and paid cash dividends of $200 Additional information as of August 31, 2020. a) The depreciation on the computer system for the month of August is $100 Hint. There are three adjusting entries for the month of August Required: Prepare the transaction and adjusting entries for the month of August using one of the following methods traditional joumal entry method T-account method, or colunnar (spreadsheet) accounting equation method Prepare an income statement and balance sheet in proper forma, for the month of August 2020. Bonus (20 points). Prepare an income statement and balance sheet for the month of August on EXCEL You must begn by listing all accounts and their balances (or prepare an adjusted trial balance) in EXCEL