step 1

we are required to solve the steps of these question we have to CALCULATED NOT EXPLAINING

• Step 7 Accounting Cycle Prepare Financial Statements

You are requested using the information of Step 1 to prepare the financial statements of your chosen business for the month of August 2020.

• Step 2 Accounting Cycle Journalize Business Transactions

You are requested to journalize the assumed transactions for your chosen business during the month of August 2020!

• Step 3 Accounting Cycle Post Business Transactions

Based on the work in step 2 of the accounting cycle [Journalize the transactions], You are requested to Post the assumed transactions for your chosen business during the month of August 2020

• Step 4 Accounting Cycle Prepare Trial Balance

Based on the work in step 3 of the accounting cycle [Post Business Transactions], You are requested to prepare the trial balance for your chosen business during the month of August 2020!

• Step 7 (agin but withe the trial balance) Accounting Cycle Prepare Financial Statements

Based on the work in step 4 of the accounting cycle [Prepare Trial Balance], You are requested to prepare the financial statements for your chosen business during the month of August 2020!

we have to analyze the table that show above and with tat information we have to solve the steps

Date 1/8/2020 Transaction Increased capital in the business Amount $14500 5/8/2020 Payment of rent $2500 10/8/2020 Purchase Company $7500 computer on credit 15/8/2020 $1600 Purchased Accessories from Sunday limited Analyze/ Analysis Increased in liability i.e., Capital and increase in cash which is current asset Increase in liability rent and decrease in cash Increased in Fixed asset and increase of liability Creditor Increased in Fixed asset accessories and decrease in cash in hand Increase of Asset cash and decrease of debtor Increased in cash and increase in revenue Revenue increased Service expenses by cash 18/8/2020 $6000 Received cash from debtor (James) 20/8/2020 $5000 21/8/2020 23/8/2020 Received from fore services rendered Provided services Paid salaries and wages. Utility and office rent Paid electricity Received cash from debtor (Customer J) $4500 $500,$300,and $400 respectively 25/8/2020 30/8/2020 $230 $700 Expenses increased Cash increased