Question 1 Cape Breton Landscaping Services completed the following transactions during August 2020, its first month of operations: August 1 2 3 10 14 18 23 25 30 31 Received cash of $50,000 and issued common shares. Purchased equipment for $35,000 cash. Purchased supplies on account, $400. Performed landscaping services for customers on account, $3,950. Paid $250 on accounts payable. Collected cash from customers on account, $2,500. Paid utilities expense, $150. Performed landscaping services for customers and received cash of $1,250. Paid the following expenses: Salary, $900; advertising, $125 and insurance, $200. Declared and paid a cash dividend of $750. Required: Record the transactions in the journal of Cape Breton Landscaping Services. Record each transaction by date. Journal entry descriptions are not required. I (Question 2 on next page) Page 1 of 2 Lynn MacLean Question 2 Excel Corporation provided the following random list of assets, liabilities, equity, revenue and expenses from its December 31, 2020 financial records: Accounts receivable Interest expense Supplies inventory Income tax expense Accounts payable Utilities expense Furniture Salary payable Common shares 15,700 4,900 1,500 4,800 16,000 5,200 14,000 2,000 30,500 Service revenue Cash Note payable Equipment Salary expense Interest payable Insurance expense Building Land 83,500 15,000 20,000 30,000 48,000 1,600 9,400 81,600 8,000 The retained earnings on December 31, 2019 was $43,100 and the company paid dividends amounting to $10,000 during 2020. Required: a. Prepare an income statement for Excel Corporation for the year ended December 31, 2020. I b. Prepare the statement of retained earnings for Excel Corporation for the year ended December 31, 2020