we are required to solve theses ( its calculation question 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 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!

Step 1 - Analyze Business Transactions (Accounting Cycle) Assume that you are the Financial Accountant of a newly started business from your chosen in August 2020: Assume the Promoter Limited Company transactions during the Month of August 2020 and analyze it by showing the impact of these transactions on the accounting equation! Transaction of promoters Limited Company in the month of August 2020 Date 1/8/2020 Transaction Increased capital in the business 5/8/2020 Payment of rent 10/8/2020 Purchase Company computer on credit 15/8/2020 Purchased Accessories from Sunday limited Amount Analyzel Analysis $14500 Increased in liability i.e., Capital and increase in cash which is current asset $2500 Increase in liability rent and decrease in cash $7500 Increased in Fixed asset and increase of liability Creditor $1600 Increased in Fixed asset accessories and decrease in cash in hand $6000 Increase of Asset cash and decrease of debtor $5000 Increased in cash and increase in revenue $4500 Revenue increased $500, $300, and $400 Service expenses by respectively cash $230 Expenses increased $700 Cash increased 18/8/2020 Received cash from debtor (James) 20/8/2020 Received from fore services rendered 21/8/2020 Provided services 23/8/2020 Paid salaries and wages. Utility and office rent 25/8/2020 Paid electricity 30/8/2020 Received cash from debtor (Customer J)