Instructions: Use only ONE Google Sheet Microsoft Excel file. Then, rename each sheet as following:

$$ Sheet $1=$ T$-$Accounts

$$ Sheet $2=$ Trial Balance

$$ Sheet $3=$ Income Statement

$$ Sheet $4=$ Balance Sheet $($Report Form$)$

Clarifications:

o If you're selling a service, the account used is called, "Fees Earned." But, if you're selling a product goods, then we will use "Sales" account.

$$ Cheques means "Cash";

o If you taking anything from the business and using it for personal use, use the $"$N$.$ Fantacci, Drawings" account $($e$.$g$.,$ May $25$th transaction$).$

$$ Donations $=$ "Miscellaneous Expense," because there is no consistent frequency or the amount is not major!

$$ City Water Commission $=$ "Utilities Expense"

$($a$)$ Open the appropriate T$-$accounts for "Fantacci Beauty Salon" and record the following transactions.

May $1$ Sold goods for $$800$ cash

$2$ Bought office supplies on account from Staples Ltd$.,$ $$170.$

$3$ N$.$ Fantacci, the owner, invested an additional $$5000$ in the business.

$4$ Borrowed $$9000$ from the bank

$5$ Paid $$200$ for advertising

$6$ Sold goods on account to L$.$ Smith for $$5000.$

$8$ Paid $$85$ cash to Staples Ltd$.$ on account.

$9$ Issued a cheque for $$2900$ to pay salaries.

$14$ Bought equipment from Acme Supply. The price of the equipment was $$700.$ A down payment of $$200$ was made.

$15$ The owner withdrew $$1000$ cash for personal use.

$19$ Made a $$100$ donation to the United Appeal.

$21$ Issued a $$270$ cheque to the city water commission.

$25$ The owner took an old printer home and gave it to her children The printer is worth $$45.$

$31$ Made a $$500$ payment to the bank to reduce the loan.

$($b$)$ Calculate the balance for each T$-$account

$($c$)$ Prepare a Trial Balance.

$($d$)$ Prepare an Income Statement.

$($e$)$ Prepare a Balance Sheet $($Report Form$).$