Brian Aloan opens a web consulting business called Comic Stand and completes the following transactions in its first month of operations Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. Apr. 1 Aloan invested $113,000 cash along with office equipment valued at $31,500 in the company. Apr. 2. The company prepaid $15,600 cash for 12 months' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 3 The company made credit purchases for $9,100 in office equipment and $4,700 in office supplies. Payment is due within 10 days. Apr. 6 The company completed services for a client and immediately received $7,300 cash. Apr. 9 The company completed a $11,500 project for a client, who must pay within 30 days. Apr. 13 The company paid $13,800 cash to settle the account payable created on April 3. Apr. 19 The company paid $5,040 cash for the premium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 22 The company received $6,900 cash as partial payment for the work completed on April 9. Apr. 25 The company completed work for another client for $5,000 on credit. Apr. 28 Aloan withdrew $5,800 cash from the ompany for personal use. Apr. 29 The company purchased $1,700 of additional office supplies on credit. Apr. 30 The company paid $2,500 cash for this month's utility bill. General General Income Requirement St Owners Trial Balance Journal Ledger Statement Balance Sheet Equity Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of the Comic Stand Company, 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". View transaction list Journal entry worksheet 3 4 5 1 2 8 ..... 12 Apr. 1) Aloan invested $113,000 cash along with office equipment valued at $31,500 in the company. Brian Aloan opens a web consulting business called Comic Stand and completes the following transactions in its first month of operations. Prepare journal entries for each transaction and identify the financial statement impact of each entry The financial statements are automatically generated based on the journal entries recorded. Apr 1 Aloan invested $113,000 cash along with office equipment valued at $31,500 in the company. Apr. 2 The company prepaid $15,600 cash for 12 months' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 3 The company made credit purchases for $9, 100 in office equipment and $4,700 in office supplies. Payment is due within 10 days. Apr. 6 The company completed services for a client and immediately received $7,300 cash. Apr . 9 The company completed a $11,500 project for a client, who must pay within 30 days. Apr. 13 The company paid $13,800 cash to settle the account payable created on April ). Apr. 19 The company paid $5,040 cash for the premium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 22 The company received $6,900 cash as partial payment for the work completed on April ). Apr. 25 The company completed work for another client for $5,000 on credit. Apr. 28 Aloan withdrew $5,800 cash from the company for personal use. Apr. 29 The company purchased $1,700 of additional office supplies on credit. Apr. 30 The company paid $2,500 cash for this month'a utility bill. Requirement General General Trial Balance Income St Owners Journal Ledger Statement Equity Balance Sheet Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. General Ledger Account Cash Debit Office equipment Credit No. Credit Balance No. Date Debit Date Apr 01 Apr 01 0 Apr 01 Apr 01 Balance 0 (31,500) 1 113,000 113,000 1 31,500 B. Aloan, Capital Debit Credit No. Balance Date Apr 01 Apr 01 0 12 1 144,500 144,500 General Journal Trial Balance > Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you must have a journal entry that is out of balance. If you have an abnormal ending balance (Indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less Dates: Apr 01 to: Apr 30 Comic Stand Company Trial Balance April 30, 2019 Account Title Credit Debit 113,000 $ Cash Office equipment B. Aloan, Capital Total 31,500 144,500 176,000 $ 113,000 $ General General Requirement Income Trial Balance St Owners Journal Balance Sheet Ledger Statement Equity An income statement reports the changes in equity attributable to the operation of the business during a specific time period. Revenues increase equity, and expenses decrease equity. Comic Stand Company Income Statement For Month Ended April 30, 2019 Revenues Services revenue $ 0 Expenses Utilities expense Total expenses Net Income 0 0 0 $ Net Income or loss is transferred from the income statement to the (Trial Balance St Owners Equity > General General Income Trial Balance Requirement St Owners Balance Sheet Journal Ledger Statement Equity There are four subsets of equity: Investments by owners, withdrawals by owners, revenues and expenses. All four subsets are compiled in the Capital account at the end of the period. The ending capital balance is transferred to the equity section of the balance sheet. 0 Comic Stand Company Statement of Owner's Equity For Month Ended April 30, 2019 B. Aloan, Capital, April 1, 2019 Add: Owner Investments Add: Net Income Less: Withdrawals by owner B. Aloan, Capital, April 30, 2019 144,500 0 0 144,500 $ Ending capital is transferred to the: General General Requirement Income Trial Balance Journal St Owners Ledger Statement Balance Sheet Equity The balance sheet is the accounting equation: Assets - Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Equity includes the ending capital balance from the Statement of Owner's Equity. Comic Stand Company Balance Sheet April 30, 2010 Assets Cash 113,000 Accounts receivable Office supplies 0 Prepaid insurance 0 Prepaid rent Office equipment (31,500) Total assets $ 81,500 0 0 Liabilities Accounts payable $ 0 Equity B. Aloan, Capital 144,500 Total equity 144,500 Total liabilities and equity $ 144,500 The balance in Aloan's capital account comes from the