C2-4

This problem is based on the transactions for the Eco Build Company in your text. 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. December 1 on December 1, Nina Miller forma a consulting business, named to build. Eco Build receiven $56,000 cash from Nina Miller as an owner contribution. December 2 Eco Build pays $3,800 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 Eco Build pays $40,000 cash for equipment. December 4 Reo Build purchases $9,100 of supplies on credit from a wupplier, CalTech Supply. December 5 Beo Huild provides consulting services and immediately collects $5,500 canh. December 6 Eco Build pays $2,300 cash for December rent. December 7 Leo Mild pays $2,000 cash for employee salary, December 8 Reo Daild provides consulting services of $3,100 and renta ito test facilities for $1,800. The customer in billed $4,900 for these services. December 9 Eeo Build receives $4,900 cash from the client billed on December 8. December 10 Eco Build payu CalTech Supply $2,200 cash as partial payment for its December 4 $9,100 purchase of supplies. December 11 Nina Miller withdraws $700 cash from Woo Build for personal use. December 12 Eco Build receives $3,500 cash in advance of providing co ting services to a customer. The company's policy is to record fees collected in advance in a balance sheet account. December 13 Eco Build pays $3,700 canh (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. The company's policy is to record all prepaid expenses in a balance sheet account. December 14 Eco Build pays $1,420 cash for supplies. December 15 Hoo Build paya 01,605 cash for December utilities expenne. December 16 Boo Build pays $1,350 cash in employee salary for work performed in the latter part of Decanter. ces General Income General Requirement Financial Statement Trial Balance Balance Sheet Statement Journal Ledger Statement Owners Equity Impact The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your answers by selecting the date on the trial balance tab.) The first 3 transactions are completed for you! Answer is not complete. Financial General General Income Requirement Statement Trial Balance Balance Sheet Journal Statement Ledger Statement Owners Equity Impact The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your answers by selecting the date on the trial balance tab.) The first 3 transactions are completed for you! Show less Total Total Total Transaction: Not Income Assets +Liabilities Equity Where can you go to find each of your answers? Income Balance Balance Balance statement sheet sheet sheet December 1 - Eco Build receives $56,000 cash from S 0 $ 56,000 $ 56,000 Nina Miller as an owner contribution December 2 - Pays $3,800 cash for supplies 0 56,000 0 56,000 December 3. Pays $40,000 cash for equipment 0 56,000 @ 56.000 December 4 - Purchases $9,100 of supplies on credit from a supplier December 5. Provides consulting services and immediately collects $5,500 cash December 8 - Pays $2,300 cash for December ront. December 7 Pays $2.000 cash for employee salary December 8 - Provides consulting services of $3,100 and rent its test facilities for $1,800. The customer is billed $4.900 for these services 0 Transaction: Net Income Total Assets Balance sheet Total Liabilities Balance sheet Income statement Total Equity Balance sheet $ 56,000 $ 0 $ 56,000 $ 0 0 0 56,000 56,000 56,000 56,000 0 0 + Where can you go to find each of your answers? December 1 - Eco Build receives $56,000 cash from Nina Miller as an owner contribution December 2 - Pays $3,800 cash for supplies. December 3 - Pays $40,000 cash for equipment. December 4 - Purchases $9,100 of supplies on credit from a supplier December 5 - Provides consulting services and immediately collects $5,500 cash. December 6 - Pays $2,300 cash for December rent. December 7 - Pays $2,000 cash for employee salary December 8 - Provides consulting services of $3,100 and rents its test facilities for $1,800. The customer is billed $4,900 for these services, December 9 - Receives $4,900 cash from the client billed on December 8. December 10 - Pays ColTech Supply $2,200 cash toward the payable from December 4 December 11 - Nina Miller withdraws $700 cash for personal use December 12 - Receives $3,500 cash in advance of providing consulting services to a customer December 13 - Pays $3,700 cash (insurance premium) for a 24-month insurance policy Coverage begins on December 1 TOMIOON VOLDU. December 6 - Pays $2,300 cash for December rent. December 7 - Pays $2,000 cash for employee salary. December 8 - Provides consulting services of $3,100 and rents its test facilities for $1,800. The customer is billed $4,900 for these services. December 9 - Receives $4,900 cash from the client billed on December 8. December 10 - Pays CalTech Supply $2,200 cash toward the payable from December 4 December 11 - Nina Miller withdraws $700 cash for personal use. December 12 - Receives $3,500 cash in advance of providing consulting services to a customer. December 13 - Pays $3.700 cash (insurance premium) for a 24-month insurance policy Coverage begins on December 1. December 14 - Pays $1,420 cash for supplies. December 15- Pays $1,605 cash for December utilities expense December 16 - Pays $1,350 cash in employee salary for work performed in the latter part of December. $ 3,700 14 December 14 1,420 Supplies Cash 1,420 15 December 15 1.605 Utilities expense Cash 1.605 16 December 16 1,350 Salaries expense Cash O 1,350 17 No Transaction Rex Requirement General Ledger