2 Ken Hughes opens a web consulting business called Hughes Consulting and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. March 1 Hughes invested $219,000 cash along with $24,300 in office equipment in the company. March 2 The company prepaid $12,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. March 3 The company made credit purchases of office equipment for $5,300 and office supplies for $3,500. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $6,300 cash. March 9 The company completed a $9,800 project on credit for a client, who must pay within 30 days. March 12 The company paid $8,800 cash to settle the account payable created on March 3. March 19 The company paid $8,500 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. March 22 The company received $5,900 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $6,200 on credit. March 29 Hughes withdrew $5,800 cash from the company for personal use. March 30 The company purchased $1,300 of additional office supplies on credit. March 31 The company paid $1,200 cash for this month's utility bill. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Statement Owners Equity Impact on Equity Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the owner's capital balance. Hughes Consulting Statement of Owner's Equity For Month Ended March 31 K. Hughes, Capital, March 1 $ K. Hughes, Capital, March 31 01:11:39 0 Requirement Trial Balance Balance Sheet Journal Ledger Statement Owners Equity Equity Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease th owner's capital balance. Hughes Consulting Statement of Owner's Equity For Month Ended March 31 K. Hughes, Capital, March 1 Balance Sheet > Add: Owner investments Add: Net income Add: Owner withdrawals Add: Net loss Less: Owner investments ome Statement 0 General General Income Statement Requirement Trial Balance Balance Sheet Journal Ledger Statement Owners Equity Using the dropdown buttons, select the item that accurately describes the values that either incre owner's capital balance. Hughes Consulting Statement of Owner's Equity For Month Ended March 31 K. Hughes, Capital, March 1 $ Add: Net loss Less: Owner investments Less: Net income Less: Net loss Less: Owner withdrawals ome Statement Balance Sheet > 0