Key AssignmentFinalize your Key Assignment for submission. I

Key AssignmentFinalize your Key Assignment for submission. Incorporate the following into your paper: Feedback received from your classmates and the instructor on the Key Assignment for Part 1 Your completed Part 2 Part 1 Tasks From Phase 4ScenarioIt 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.Part 2 Tasks (Week 5)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. Please submit your assignment.