The following ten transactions occurred during the July grand opening of the Pancake Palace. Assume all Retained Earnings transactions relate to the primary purpose of the business. A. Calculate the ending balance for each account. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Assets Owner's Equity Liabilities Accounts Wages Common Retained Cash Inventory Equipment Payable Payable Stock Earnings 1 $52,000 $52,000 2 (6,000) $6,000 3 $25,000 $25,000 4 1,250 5 (750) 6 7 B 3,000 9 150 $1,250 (750) 600 (600) $3,000 (3,000) 3,000 (150) 10 (1,000) 1,000 48,500 6,000 26,000 25,750 3,000 52,000 $ -250 6,000 25,750 Ending Balance B. Create the income statement. Use minus sign to indicate the loss. Pancake Palace Income Statement For the Month Ended July 31 C. Create the statement of owner's equity. If an amount box requires a zero, enter "0". For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Statement of Owner's Equity For the Month Ended July 31 Ending Balance D. Create the balance sheet. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Balance Sheet Assets: July 31 Next D. Create the balance sheet. For those boxes in which you must enter subtractive or negative numbers use a minus sign. Pancake Palace Balance Sheet Assets: Total Assets Liabilities: Total Liabilities Owner's Equity: July 31 Total Owner's Equity Total Liabilities and Owner's Equity