ch 2-5

How do I complete the financial statement impact?

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 une. General General Income Statement Financial Requirement Journal Trial Balance Balance Sheet Ledger Statement Owners Equity Statement 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 8) 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 Transaction: Net Income Total Assets Total Liabilities Total Equity income statement Balance sheet Balance sheet Balance sheet Where can you go to find each of your answers? January 1 - Melanie Duerr, owner, invested $175,750 $ 0 $ 175,750 $ 0 S 175,750 in them Transaction: Net Income Total Total Tote Assets Liabilities Equi Where can you go to find each of your answers? Income Balance Balance Balance statement sheet sheet sheet January 1 - Melanie Duerr, owner, invested $175,750 cash in the company. $ 0 S 175,750 S 0 $ 175.750 January 2 - The company purchased office supplies for $3,750 cash. 0 175,750 0 175,750 January 3 - The company purchased $12,050 of 0 187 800 office equipment on credit 12,050 199,850 January 4 - The company received $20,500 cash as fees for services provided to a customer, 20,500 12,050 January 5 - The company paid $12,050 cash to settle the payable for the office equipment 20,500 0 purchased on January 3. January 6 - The company billed a customer $5,200 25,700 0 as fees for services provided January 7. The company paid $3,725 cash for the 21,975 monthly rent January 8 - The company collected $3,000 cash as 21,975 partial payment for the account receivable created on January 6. January 9 - Melanie Duerr withdrew $13,900 cash 21,975 0 from the company for personal use. Please verify that each of your final amounts agrees with the financial statements as of, or for the month ended, January 31. 0 0