Download an Excel template for this problem online in MyLab Accounting.

Echo Lake started operations on November 1, 2018. Nine transactions occur during November. Financial statements are prepared at the end of the month.

Required

1. Use Excel to prepare a transaction analysis of the nine transactions. Use the blue shaded areas for inputs.

2. Prepare the income statement, statement of owner's equity, and balance sheet. Each financial statement appears on a separate worksheet tab. Fill in the blue shaded areas using a formula that references the account balances at the end of the month in the Transaction Analysis tab.