You are working as an accountant in a local accounting firm. You have been approached by Luke and Leia, the owners of Skylark, a retailer of home entertainment. They have chosen Xero as their cloud-based accounting system and have employed you to set up their company in Xero and enter the first month’s transactions. You are required to enter a range of transactions and generate the reports requested by your client to assist with the startup of their business. All information has been supplied by the business owners for you to input. The setup and transactional data are available in Interact under Assessment Resources, Assessment Item 2. Task requirements: Process your clients’ transactions for July 2020. Generate and submit the following reports to your client for the month of July 2020; 1. Profit and Loss 2. Balance Sheet 3. Trial Balance 4. Aged Payables (detail) 5. Aged Receivables (detail) 6. Inventory Item Summary. Part B (3 marks) Due to their concerns over the high rate of obsolescence of Skylark’s inventory, Luke and Leia have requested you provide an inventory report for the month of July discussing the performance of their product lines. Provide a one (1) page recommendation to Luke and Leia which can be incorporated with the July 2020 reports for Skylark. Your recommendation should include the following: 1.An analysis of the relative performance for each of their product lines. 2.At least 2 recommendations relating to their product lines. The marks assigned for both parts of this assessment include the correctness of information and the presentation of your reports. Your report needs to look professional, as though it could be provided to a client.