C2-5

C GLO202 (Algo) - Based on Exercise 2-13 LO A1 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. January 1 Melanie Duerr, owner, invested $175,750 cash in the company. January 2 The company purchased office supplies for $3,750 cash. January 3 The company purchased $12,050 of office equipment on credit. January 4 The company received $20,500 cash as fees for services provided to a customer. January 5 The company paid $12,050 cash to settle the payable for the office equipment purchased on January 3. January 6 The company billed a customer $5,200 as fees for services provided. January 7 The company paid $3,725 cash for the monthly rent. January 8 The company collected $3,000 cash as partial payment for the account receivable created on January 6. January 9 Melanie Duerr withdrew $13,900 cash from the company for personal use. Financial General Requirement General Income Statement Trial Balance Statement Balance Sheet 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 work by selecting the date on the trial balance tab.) The first 2 transactions are completed for you! Show less Total Assets Transaction: Net Income Where can you go to find each of your answers? income statement January 1 - Melanie Duer, owner, invested $175,750 S cash in the company January 2 - The company purchased office supplies for Balance sheet Total Liabilities Total Equity Balance sheet Balance sheet $ 175,750 $ 0 175,750 176 750 n 175 76 1 January 01 175,750 Cash M. Duerr, Capital 175,750 January 02 N 3,750 Office supplies Cash 3,750 12,050 3 January 03 Office equipment Accounts payable 12,050 4 20,500 Cash January 04 20,500 Services revenue 12,050 5 January 05 Accounts payable Cash 12,050 5,200 6 January 06 Accounts receivable Services revenue 5,200 3.725 7 January 07 Rent expense Cash 3.726 3,000 8 January 08 Cash Accounts receivable 3,000 9 13.900 January 09 IM Duerr Withdrawals the date on the trial balance tab.) The first 2 transactions are completed for you! Total Transaction: Net Income Total Assets Liabilities Total Equity Income Where can you go to find each of your answers ? Balance sheet Balance sheet Balance sheet statement January 1 - Melanie Duerr, owner, invested $175,750 $ 0 $ 175,750 $ 0 $ 175,750 cash in the company January 2 - The company purchased office supplies for 0 175,750 0 175,750 $3,750 cash January 3 - The company purchased $12,050 of office 0 12,050 equipment on credit January 4 - The company received $20,500 cash as fees for services provided to a customer. 20,500 January 5 - The company paid $12,050 cash to settle the payable for the office equipment purchased on January 3. January 6 - The company billed a customer $5,200 as fees for services provided. January 7 - The company paid $3,725 cash for the monthly rent January 8 - The company collected $3,000 cash as partial payment for the account receivable created on January 6 January 9 - Melanie Duerr withdrew $13,900 cash from the company for personal use