accounting 1

Assignment DetailsMilo is starting a small business. He will be selling coffee that he roasts and packages. He gives you source documents for the following transactions and asks you to create a set of financial statements from these source documents for him. Because this is a new business, there are no beginning balances.As his accountant, your first step is to do the following:Prepare the 10 transactions below by posting to the general journal. You should use an Excel spreadsheet to accomplish this task. UseACCT201_IP2_Journal_Ledger_Workbook_Templateto complete your assignment. When you are finished, save your completed template and submit your assignment following the Individual Project assignment directions below.Review theChart of Accountshere.Review this model assignment before beginning this assignment:ACCT201_IP2_Journal_Ledger_Example.TransactionsInvested $100,000 cash in the businessPaid $125 cash for phone servicePurchased $45,000 equipment with a bank loanPaid $3,500 cash for rentPaid $6,000 cash for insurancePurchased $2,500 of advertising on credit (Note: This is an expense to the company)One of his customers, Cup of Joe, purchased $2,500 of coffee on accountCustomer, Cup of Joe, paid $1,000 on their accountMilo paid in full for the advertising he purchased on credit in transaction #6Sold coffee to another customer, Grandma’s Bakery, for $6,000 and received cash