Question: 1. Prepare Income Statement and Balance Sheet dated 31st July 2022 by using the following accounts. The values are stated monthly basis. Please make sure

1. Prepare Income Statement and Balance Sheet dated 31st July 2022 by using the following accounts. The values are stated monthly basis. Please make sure you properly follow the classification shown in the class. (5+5=10) Account Amount in CAD Account Amount in CAD Cash 3000 Salary 5000 Car Insurance 450 Car 9000 Rent 1600 Utility Expense 50 Phone 700 Transportation Expense 200 Credit Card Debt 300 Child Benefit 300 Car Loan 4500 Wifi Bill 50 Entertainment Expense 100 Borrowed from friends for 6 months 200 Phone Bill (Same Every Month) 30 Tuition Income 300 Investment in Bond 200 Vacation to Mexico 600 Net Worth 3380 Study Loan 2000

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