It is time for the staff accountants to begin preparing daily accounting transactions. In preparation of the upcoming audit, the accountants must ensure that these transactions are correct and are free from any misstatement. Because this is a new subsidiary of the company, there are no beginning balances. As a staff accountant, your job 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. Post the general journal entries to the general ledger in the Excel spreadsheet. Prepare a trial balance from the ending balances on the ledger. You should also use an Excel file for the trial balance. Transactions Invested $50,000 in the business Paid $100 for phone service Purchased $35,000 equipment on credit Paid $3,000 for 3 months rent Paid $5,500 for 6 months of insurance Paid $1,000 for advertising on credit (Note: This is an expense to the company) Customer purchased $2,000 on account Customer in #7 paid $1,000 on account Paid for #6 advertising Sold to customer and received $5,000 cash Click here for the General Journal Ledger template.Complete a set of financial statements based on the transactions and general ledger from the Phase 4 IP. The financials to be completed on an Excel spreadsheet are the following: Income statement Statement of owners' equity Balance sheet Click here for the Financial Statement Template.Based on the financial statements, prepare a memo to the President of LMO Company as to the financial performance of your company. Include the following: 3 strategies that the company can employ to improve its performance and increase net income Explanation of who might use the financial statements Be sure to include internal and external users.

1. As Rice (2018) notes, "the boundaries that formerly separated not-for-profit and for-profit organizations have blurred, leading to a greater exchange of ideas between the sectors" (p. 14). Choose a not-for-profit organization that operates in your community or in your career field. Next, choose a for-profit business that provides a similar service. Compare and contrast the mission of both organizations. How does each organization use resources to achieve its goal? Do the organizations benefit from any exchange of ideas?Reference:Rice University (2018) Introduction to Business. Retrieved from https://openstax.org/details/books/Introduction-to...2. The government regulates business in many ways. Businesses must get permission to operate in the form of licensing and state and federal agencies work to provide protections.Search in the Chamberlain library for "role of government" and one of the following protections.Consumer protectionEmployee protectionEnvironmental protectionInvestor protectionChoose an article that you find from your search. Summarize the article and discuss its implications.300 words each. 2 references each.