W/S-Additional Lecture Discussion The transactions relating to the formation of Momento Shop and its first month of operation are shown below. Prepare an answer sheet with the following columns, Ignore GST: Transaction Cash Supplies inventory Accounts receivable Inventory Equipment Loan payable Accounts payable Equity - Contributed capital Income Expense a) The shop was organised and the owner invested cash of $8,000 b) The shop borrowed $5,000 from the bank. Purchased a 6-months of shop supplies inventory (boxes, scissors, tape, glue gun, ribbon etc.) cash for $1,000. c) Display cases and other store equipment costing $1,750 were purchased for cash. The original list price of the equipment was $1,900 but a discount was received because the seller was having a sale d) A store location was rented and $1,400 was paid for the first month's rent e) Inventory of $15,000 was purchased, $9,000 cash was paid to the suppliers and the balance will be paid within 30 days f) During the first week of operations, merchandise that had cost $4,000 was sold for $6,500 cash g) Additional inventory costing $4,200 was purchased, cash of $1,200 was paid and the balance is due in 30 days h) In the last three weeks of the first month, sales totalled $13,500, of which $9,600 was sold on account. The cost of the goods sold totalled $9,000 i) Collected a total of $3,160 from the sales on account recorded in transaction (h) j) Paid a total of $4,720 of the amount owed to suppliers from transaction (e) k) At the end of the month, a stocktake of the supplies showed an amount of supplies worth $750. Requirements: 1. Record each transaction in the appropriate columns of your worksheet for the first month operation of Momento Shop. 2. From the worksheet prepare a balance sheet at the end of the month and an income statement for the first month