Sami, a newcomer to Dubai wanted to take advantage of the winter season in Dubai.

On Nov. 1, 2021, he established the Beachway Enterprise which plans to rent beach umbrellas. The following transactions occurred during the first month of operations.

Nov.1 Sami began business by depositing $3,000 in a checking account in the name of Beachway Enterprise. Common stock is issued.

Nov. 1 Purchased 25 beach umbrellas for $250 each on account. The company has 30 days to pay for the beach umbrellas

Nov.2 Registered as a vendor with the city & paid the $65 monthly fees.

Nov. 3 Purchased $80 in miscellaneous supplies for cash. The supplies were all used by the end of the month.

Nov. 5 Paid $110 bill from a radio station for advertising for the last three weeks of November.

Nov. 11 Customers rented beach umbrellas for cash of $300.

Nov. 21 Billed a local hotel $1000 for beach umbrellas provided for use during a convention being held in the hotel. The hotel is to pay of the bill in 5 days and the rest within 30 days.

Nov. 26 Received 50% of the amount billed to the hotel.

Nov. 30 Customers rented the beach umbrellas for cash $700.

Nov. 30 Paid wages of $90 to a friend who helped over the weekend.

Nov. 30 Paid the balance due from the purchase of beach umbrellas.

Required:

Note: Ignore the depreciation on the umbrellas.

Use an Excel template similar to the one used in class to record the above transactions. Make sure you use the excel functions to show each accounts total and totals for assets, liabilities, & owners equity.

Prepare the Income statement for the month of November. Make sure you link the numbers posted in the statement to the template & other statements, if possible.

Prepare the retained earnings statement for the month of November. Make sure you link the numbers posted in the statement to the template & other statements, if possible.

Prepare the Balance sheet on Nov. 30, 2021. Make sure you link the numbers posted in the balance sheet to the template & other statements, if possible.

In the template change the investment made by Same to $3,000 instead of $2,000. Did the template automatically reflect the change and adjust the balances of accounts and the rest of the totals?