Prepare Profit & loss and Balance Sheet for the following questions: Question no 1: Fahed inherited a large sum of money and decided to open up his own business. He decided to open up a mechanic shop for fixing high end sports cars, naming his business Fahed Fixes Fast Cars. The following transactions took place during the month of August, 2015: August 1: Fahed invested 500,000 in a new business called Fahed Fixes Fast Cars. August 2: Fahed transferred some mechanic tools worth 15,000 from his home to the business. August 4: The business purchased repair equipment valued at 70,000 on account from 'Tools R Us' August 5: The business purchased mechanic tools for 25,000 in cash. August 6: The business wrote cheque for 6,000 for rent of the mechanic shop. August 10: The business received its first customer and made a minor repair for a customer's car for 5,000 in cash. August 11: The business repaired a car for 14,000 on account for customer Kobe Bryant. August 12: The business wrote cheque in the amount of 10,000 as partial payment for the repair equipment purchased on August 4th from 'Tools R Us.' August 14: The business wrote cheque in the amount of 4,800 for the insurance bill for the month. August 15: The business repaired a customer's car for 19,200 on account for customer Derek Jeter. August 20: The business received a cheque in the amount of 8,500 as partial payment for the repairs previously made for customer Kobe Bryant on August 11th. August 21: The business paid the employee salaries for $12,000 in cash. August 22: Fahed withdrew $4,000 in cash for personal use. August 23: The business repaired a customer's car for $7,800 in cash. August 24: The business received full payment for the repairs made for Derek Jeter on August 15th. August 25: The business received a cheque for $5,500 for the repairs previously provided on account for customer Kobe Bryant to complete the partial payment on August 20. August 27: The business paid in cash for $ 8,000 for repair equipment purchased on account for Tools R Us on August 12. August 28 : The business wrote a check 104 for $2,450 to purchase office supplies. August 29: The business paid an electricity bill for $4,700 in cash. August 31: The business repaired a car of $ 11,000 on account for the costumer Tom Brady