The following transactions were completed during July:

a$.$ Torrance deposited $$85,000$ in a bank account in the name of the business on July $1$st$.$

b$.$ Bought six full$-$size caskets for the selection room, paying cash of $$5400.$

c$.$ Paid the first month$$s rent of $$2400.$

d$.$ Bought a used cremation system from Matthews Cremation for $$60,000$; paid

$$15,000$ in cash and put the balance on his account with them.

e$.$ Put $$550$ worth of cremation processing supplies $($plastic bags, cardboard boxes,

labels$)$ on his account with Kelco Supply.

f$.$ Sold a direct cremation service to a client family for cash: $$2357.$

g$.$ Wrote a check for avalanche insurance for one year: $$2998.$

h$.$ Paid on his account to Matthews Cremation: $$4000.$

i$.$ Received and paid the natural gas bill: $$683.$

j$.$ Paid on the account to Kelco: $$550.$

k$.$ Provided a traditional funeral service to a family for cash: $$8293.$

l$.$ Paid the renewal fee for his funeral director license: $$250.$

m$.$ Provided a funeral to a family who signs a contract to pay within $30$ days: $$9650.$

n$.$ Paid his part$-$time employee, Lloyd: $$237.$

o$.$ Torrance withdrew cash for a new baseball bat collection: $$900.$

Required accounting tasks:

$1.$ Label all accounts $($using the Chart of Accounts$)$ and record the owner's name in the

Capital and Drawing T accounts.

$2.$ Record the transactions in the T accounts. Write the letter of each entry to identify

the transaction.

$3.$ Foot the T accounts and show the balances.

$4.$ Prepare a trial balance for the first month of business.

$5.$ Prepare an income statement for the first month of business.

$6.$ Prepare a statement of owner's equity for the first month of business.

$7.$ Prepare a balance sheet for the first month of business.

$8.$ Use the appropriate headings$/$dates for the three major financial statements.

Use the Excel spreadsheet template that is included with the

assignment.

There should be five $(5)$ documents included in the assignment:

$1.$ T account page

$2.$ Trial balance

$3.$ Income statement

$4.$ Statement of Owner's Equity

$5.$ Balance sheet

Use the tab function at the bottom of the spreadsheet so each document is on a