Heidi Fritz established Freedom Financial Services on July 1, 2016. Freedom Financial Services offers financial planning

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Heidi Fritz established Freedom Financial Services on July 1,2016. Freedom Financial Services offers financial planning adviceto its clients. The effect of each transaction and the balancesafter each transaction for July follow:
Required:
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1. Prepare an incomestatement for the month ended July 31, 2016.
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2. Prepare a statement of owner'sequity for the month ended July 31, 2016. If an answer iszero, enter "0".
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3. Prepare a balance sheet as ofJuly 31, 2016. When entering assets, enter them in order ofliquidity.
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4. Prepare a statement of cashflows for the month ending July 31, 2016. For boxes withoutentry is required, enter "0". Use the minus sign to indicate cashoutflows, payments, and decreases.