Scenario: Assume that a relatively new company you and your group members are involved with has presented you with the following transactions for 2021 from the books of the business. This company operates one bank account to reflect all cash and cheque transactions. You are now required to read these transactions carefully then prepare the relevant documents and books as outlined in the requirements below. 1 Aug 3 Aug Started business with $150,000 in the bank Bought supplies on credit from Right Way Manufacturers 24 Boxes Air Filter 96 Bottles fuel injector cleaner 48 Boxes Spark Plug $720.00 per box $200.00 per bottle $300.00 per box 36 Boxes Brake Shoe 24 Boxes Disc Pads 5 Aug 12 small motorbike engines engine engine Provided services for cash less 10% discount 6 large motorbike engines (full service) $580.00 per box $400.00 per box $350.00 per engine $950.00 per $800.00 per $5,000.00 $8,000.00 $3,500.00 8 medium size motorbike engines (full service) 7 Aug Paid Rent by cheque 10 Aug Paid Wages by cheque 10 Aug Bought Fixtures from CT Limited paying by cash 11 Aug 24 small motorbike engines engine Provided services on credit to Auto Care. 8 large motor bike engines (partial service) $350.00 per engine $650.00 per $550.00 12 medium size motorbike engine (partial service) per engine 12 Aug 13 Aug 14 Aug Bought Fixtures on credit from CT Ltd Received a loan from NBC cash Provided services on credit to P&S Auto 18 Large motorbike engines (full service) 12 medium size motor bike engines 24 medium size motorbike engines 20 small motorbike engines $8,000.00 $25,000.00 $950.00 per engine $650.00 per engine $550.00 per engine 21 Aug Paid CT Ltd by cheque 22 Aug Paid wages cash 23 Aug 27 Aug $350.00 per engine $8,000.00 $8,000.00 Paid Right Way Manufacturer the amount owing to them by cheque, they allowed us a 15% discount P&S Auto paid the amount owing by them in Cash less 10% discount 27 Aug Electricity paid by cash 28 Aug 28 Aug $1,500.00 The owner took $5000 out of the bank for his personal use. Provided services for cash 12 small motorbike engines 6 medium size motorbike engines 4 medium size motor bike originid $350.00 per engine $550.00 per engine 00.00 per engine 23 Aug 27 Aug Paid Right Way Manufacturer the amount owing to them by cheque, they allowed us a 15% discount P&S Auto paid the amount owing by them in Cash less 10% discount 27 Aug Electricity paid by cash 28 Aug 28 Aug 29 Aug 30 Aug 31 Aug $1,500.00 The owner took $5000 out of the bank for his personal use. Provided services for cash 12 small motorbike engines 4 medium size motor bike engines $350.00 per engine 6 medium size motorbike engines $550.00 per engine $800.00 per engine $200.00 per bottle Bought supplies on credit from big J Manufacturers 4 Bottles Fuel Injector Cleaner 9 Boxes Air Filters 8 Boxes Sparks Plugs Provided service for cash 8 small motorbike engines 7 Large motorbike engines 8 Medium motorbike engines Supplies on hand 5 Boxes Air Filter 6 Bottles fuel injector cleaner $720.00 per box $300.00 per box $350.00 per engine $950.00 per engine $550.00 per engine $720.00 per box $200.00 per bottle $300.00 per box 12 Boxes Spark Plug 13 Boxes Brake Shoe 9 Boxes Disc Pads $580.00 per box $400.00 per box To avoid duplication of account names and the use of improper account names, the company has provided the following list of accounts used to record its transactions as extracted from its chart of accounts: Capital Cash Supplies Right Way Manufacturers J Manufacturers P&S Auto CT Ltd Service Revenue Discount Allowed Rent Expense Wages Expense Supplies Expense Fixtures Auto Care Loan NBC Discount Received Electricity Expense Drawings Requirements: Create a name for the owner of the company and give the business a name that reflects the operations of the organization. Record the transactions stated above in the general journal. Post the transactions to the general ledger and balance off each account Extract a trial balance on August 31st. Prepare an Income Statement for the month ended August 31", the owner's equity statement and a Balance Sheet as at that date