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

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

a. For each transaction, record the amount (either an increase or decrease) under the correct account. Enter only non-zero amounts. If an account is not affected by the transaction, leave the amount blank. Be sure to use a minus sign (−) if the amount is a decrease.
b. The row totals will be calculated automatically.
c. The accounting equation (Assets = Liabilities + Equity) should remain in balance after each transaction. The accounting equation is calculated automatically to the right of the transaction table.

2. Prepare the income statement, statement of retained earnings, balance sheet, and statement of cash flows for the company. 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.