The data set for the discussion board is below and attached.

1st Period of Transactions

1. Ava Lynn contributed $75,000 for 100 shares of stock in AvaL Enterprises

2. Rent was paid for $500 for the business space.

3. Fixtures were purchased for $10,000.

4. Inventory was purchased for $5,000.

5. Advertising for the grand opening was paid for in the amount of $150.

2nd Period of Transactions

1. Expenses of $300 were paid for the grand opening celebration.

2. $750 in cash was received for sales of inventory.

3. For the sale in #2, the inventory that was sold had cost $450 of the purchase in month 1.

4. The company took a loan from the bank for $25,000.

The first responder should respond with the order that the financial statements are prepared and what accounting controls this provides.

From there, summarize the transactions using the accounting equation (each post should be for 2-3 transactions).

Once the accounting equation summaries are all posted, each subsequent posting should be only one financial statement, in the order of the financial statements preparation. All financial statements need to be posted for the first period of operations before the second period of operations. Please do not combine all transactions into one financial statement.

If there is an error in the financial statement, the next response should be to post a corrected statement.

Once all 8 financial statements are posted, explain the form of business that the data set is based on from the information provided, as well as the business classification.