Balance Sheet Using proper heading and formatting, prepare a balance sheet in the GREEN Balance Sheet Worksheet. Use appropriate headings for assets, liabilities, and equity, as well as sub-headings for current assets, current liabilities, etc. Use a FUNCTION to sum all subtotals and totals, as well as to prove that A=L+ Eon your Balance Sheet. Sophie's Sensational Syrups, a sole proprietorship that makes specialty mocktails with fancy organic syrups, has hired you as an accountant to record journal entries and prepare the financial statements for the first month of business ended July 31, 2025. For now, the business is operated out of a recently purchased food truck converted to disburse chilled beverages. Sophie predominately caters to private events where there is a guaranteed large crowd of customers. The business, to date, has been funded by a small group of friends, as wellas a sizeable bank loan. Sophie headquarters her small business in Federal Way, Washington, a suburb south of Seattle. If profitable at the end of the first month, Sophie has indicated they would like to provide a small dividend back to each of the investors. Sophie is looking forward to your knowledge of accounting to help them make more informed business decisions in order to expand in the future. Using the instructions provided in class (Canvas), complete the following Excel worksheets. Remember to use good accounting form and consider the overall professional presentation of your work. Sophie not only wants accurate financial statements, but professionally formatted statements she can show her outside investors, banks, and friends. During July 2025 the following activities occurred: 7/1/2025 sophie borrowed $100,000 with 5% interest from Boeing Employee Credit Union (BECU) to start her business 7/1/2025 Sophie contacted 4 friends and each contributed $25,000 to her business ($100,000 total]. 7/2/2025 $2,400 was paid in advance for 1 year of business insurance. sophie purchased a food truck, including a cash register, retrofitted for her specific business costing 7/3/2025 $125,000. Sophie paid al in cash. She wants to classify the long-term asset as Equipment in her books. 7/4/2025 Paid $450 for a newspaper advertisement that was also printed on July 4. 7/5/2025 Purchased business supplies (i.e., paper, pens, etc.) costing $700 from Target, paying $200 cash and putting the rest on account. 7/7/2025 In preparation for all upcoming events, Sophie purchased $17,000 of inventory (food, promotional cups with logo, etc.) with cash. sophie's first event was for Seattle University. She earned $2,800 all from cash sales. $1,100 of 7/9/2025 inventory was used. When Sophie counted the cash at the end of the day only $2,850 was in the register. One of Sophie's employees noticed that a cooler was left open during the night and $400 of 7/10/2025 inventory was spoiled (Le., obsolete). 7/11/2025 Paid cash on half of the outstanding balance from the office supplies purchased on July 5. sophie's second event was for a community charity event in which she did not charge for any of her 7/11/2025 drinks. Sales would have been $3,000. $900 of inventory was still used for the cause. 7/12/2025 sophie worked an event for the Seattle Sounders for $5,000 with a promise to pay and terms of 2/10, n/30. COGS totaled $2,000. Sophie contracted with the Chieftain and sold $1,000 of drinks costing $500. The Chieftain didn't 7/13/2025 pay that night, but agreed to terms with Sophie of 2/10, n/30 before closing up 7/14/2025 Sophie's employee sold 4 gift cards for $250 each. No beverages were sold at this time. 7/15/2025 Purchased additional inventory for $5,000 on account. 7/16/2025 The Sounders paid for the event that occurred earlier in the month. 7/17/2025 Returned $200 of groceries from the July 15 transaction. Sophie accidentally bought cilantro not spinach (and the store accepted the return b/c of the simple mistake). sophie and her employee canvased Gasworks Park and sold $400 worth of promotional cups 7/18/2025 [inventory) with sophie's logo on them for $500 all on account. No sales discounts were offered but all customers promised to pay by August 15. 7/20/2025 A couple of customers from July 18 returned $40 worth of cups. Sophie accepted the return and waived the $50 owed. Amazon paid Sophie $4,000 in advance for mocktails to be made for an event at the Spheres on 7/21/2025 September 1 7/26/2025 The Chieftain paid Sophie for the event that occurred earlier in the month. 7/27/2025 sophie purchased a $1,000 credit card machine (equipment) with cash to boost sales at upcoming events. All future credit card sales will incur a 5/% transaction fee. 7/28/2025 sophie was asked to cater for a Seattle Storm event. She earned $4,500 all from credit card sales 52,100 of inventory was used. 7/30/2025 Paid wages to employees for July totaling $1 200 7/31/2025 sophie paid a dividend of $100 to each of her investor friends. The following data are available for adjusting entries at the end of July 2025: 7/31/2025 Record insurance expense for July. 7/31/2025 Record interest expense for July on the bank loan. 7/31/2025 Records show customers used $250 of gift cards to purchase drinks costing $100 to make. 7/31/2025 Sophie's business had a water (utility) bill of $350 unpaid at end of the month. 7/31/2025 Record total depreciation on the truck, register, and credit card machine of $1,500. 7/31/2025 Sophie's employee counted all remaining supplies. $50 remained ready for use in August. 7/31/2025 Sophie calculated (but did not pay yet) tax expense of $500. When recording these activities, only use account titles discussed in class and used in your homework (ie., do not create new account names). Also, do not forget to include descriptions for each journal entry