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Final Project Peyton Approved DataYou will prepare financial statements that will allow you to assess how profitable the business is.the initial setup of the businesssalespurchasesmaking payments to vendorspaying store employeesmanaging debtStep 1:The following events occur in July 2014:July 1 Open a bank account for Peyton Approved. This has been done for you in the July Journal Entries tab.July 10 Pay $375 to the county for a business license.July 13 Pay $200 for business cards/flyers/posters/ads to use for advertising.July 14 Pay $1,000 for baking ingredients (use baking supplies account).July 14 Pay $300 for miscellaneous (use misc. supplies).July 15 Pay first and last months rent.July 16 Open the doors of the bakery.July 31 Pay $1,200 for a 12-month insurance policy.Step 2:The following events occur during the next 6 months:Bakery sales are recorded on the last day of the month. The following sales occurred:July $5,000August $20,000 (cell B28)September $22,500October $27,000November $25,000December $30,000Step 3:The following baking supplies purchases are made on credit:August 8 - $8,500, net 30 paid 8/30September 10 - $9,000, net 30 paid 10/1 ( cell B10 )October 12 - $10,000, net 30 paid 11/1November 10 - $10,000, net 30 paid 12/1December 4 - $12,000, net 30 paid 1/2Step 4:The following misc. supplies were purchased:August

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