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,eee cash along with $24,300 in office equipment in the company. March 2 The company prepaid $12,eee cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. 01:23:37 March 3 The company made credit purchases of office equipment for $5,300 and office supplies for $3,500. Payment is due within 19 days. March 5 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. Rarch 22 The company received $5,900 cash as partial payment for the work completed on March 9. Ranch 25 The company completed work for another client for $6,208 on credit. March 29 Hughes withdrew $5,888 cash from the company for personal use. March 38 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 Statement Owners Equity Balance Sheet Impact on Equity Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of Hughes Consulting, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger and the Trial Balance as soon as you click "Record Entry". Show less A View transaction list Mc Graw Hill General Trial Balance General Ledger Income Statement Statement Owners Equity Balance Sheet Requirement Impact on Equity Journal Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of Hughes Consulting, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger and the Trial Balance as soon as you click "Record Entry". Show less A View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 -.... 12 March 1) Hughes invested $219,000 cash along with $24,300 in office equipment in the company. Note: Enter debits before credits. Account Title Date March 01 Debit 000: No journal entry required 101: Cash 106: Accounts receivable 124: Office supplies 128: Prepaid insurance Record e Credit View general journal Mc Gra Journal entry worksheet Journal entry worksheet 2 3 4 1 5 6 12 7 8 ..... 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. Note: Enter debits before credits. Date Account Title Debit Credit March 03 View general journal Record e 210: Notes payable 226: Unearned revenue 301: K. Hughes, Capital 302: K. Hughes, Withdrawals 403: Services revenue 690: Utilities expense View transaction list Journal entry worksheet Journal entry worksheet 1 3 4 CCCC March 9) The company completed a $9,800 project on credit for a client, who must pay within 30 days. Note: Enter debits before credits. Date Account Title Debit Credit March 09 View general journal Record entry Clear entry > Mc Journal entry worksheet 3 ----- March 12) The company paid $8,800 cash to settle the account payable created on March 3. Note: Enter debits before credits. Date Account Title Debit Credit March 12 View general journal Record entry Clear entry > Mc Graw Hill Journal entry worksheet > raw Journal entry worksheet Mc Graw Journal entry worksheet Mc Graw Hill Journal entry worksheet 5 6 10 12 www ... March 29) Hughes withdrew $5,800 cash from the company for personal use. Note: Enter debits before credits. Date Account Title Debit Credit March 29 Clear entry View general journal Record entry Mc Graw Hill Journal entry worksheet Journal entry worksheet 9 7 10 5