GL0202 (Algo) - Based on Exercise 2-13 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 M. Duerr, owner, invested $175,750 cash in the company in exchange for common stock. January 2 The company purchased supplies for $3,750 cash. January 3 The company purchased $12,050 of equipment on credit. January 4 The company received $20,500 cash for services provided to a customer January 5 The company paid $12,050 cash to settle the payable for the equipment purchased on January 3. January 6 The company billed a customer $5,200 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 The company paid $13,900 cash in dividends to the owner (sole shareholder). General Requirement General Income Trial Balance St Retained Journal Ledger Statement Balance Sheet Earnings FS Impact General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits General Ledger Tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance Tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits Income Statement Tab - The revenue and expense balances from the trial balance appear on the income statement, along with their balance as of the date selected, Review the income statement and indicate how the income statement is linked to the other financial statements Statement of Retained Earnings Tab - Beginning retained earnings plus (minus) net income (loss) for the period less dividends, Review the statement of Retained earnings and indicate how the statement is linked to the other financial statements Balance sheet Tab - Each asset and liability account balance, as reported on the trial balance, appears on the balance sheet, along with the equity balance. Review the balance sheet and then indicate how the balance sheet is linked to the other financial statements. Financial Statement Impact Tab It is important to be able to identify the impact each transaction has on the financial statements. For each of the transactions, indicate the cumulative amount of net income, total assets, total liabilities and total equity that would appear on the financial statements immediately after each transaction is recorded. Regum General Journal > Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet FS Impact Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of the Duerr 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". NO Date Account Title Debit Credit January 01 Cash 175,750 Common stock 175,750 1 2 January 02 Supplies Cash 3.750 3.750 3 January 03 12.050 Equipment Accounts payable O 12,050 4 January 04 20,500 Cash Services revenue SO 20.500 4 January 04 20,500 Gash Services revenue > 20,500 January 05 12,050 Accounts payable Cash 12,050 6 January 06 5,200 Accounts receivable Services revenue 5200 January 07 3,725 Rent expense Cash 3.725 8 January 08 3,000 Cash Accounts receivable 3,000 9 January 09 13.900 Dividends Cash 13.900 Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet FS Impact 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 Accounts reculable No. Date Debit Credit No. Date Debit Credit 175,750 Balance 0 5,200 2.200 5,200 6 January 06 8 January 08 3.750 3.000 20,500 1 January 01 2 January 02 4 January 04 5 January 05 January 07 8 January 0B 9 January 09 Balance 0 175.750 172,000 192.500 180 450 176,725 179,725 165 825 12.050 3,725 3,000 13.900 Supplies Equipment No. Date Debit Credit Balance No. Date Debit Credit 0 Balance 0 12,050 2 January 02 3,750 3.750 3 January 03 12,050 Accounts payable Debit Credit Common stock Debit Credit No. Date No. Date Balance 0 12,050 0 Balance 0 175,750 12,050 1 January 01 175,750 C 3 January 03 5 January 05 12,050 Services revente Dividends Debit No. Date Credit Balance No. Date Debit Credit 0 Balance 0 20,500 25,700 9 January 09 13.900 13,900 4 January 04 6 January 06 20,500 5,200 2 Dividends Survloes revenue Debit Credit No. Date Debit Credit No. Date Balance Balance 0 13,900 9 January 09 13,900 4 January 04 6 January 06 20,500 5,200 0 20,500 25,700 Rent expense No. Date Debit Credit Balance 7 January 07 3,725 3,725 Answer is not complete. General General Requirement Income Journal St Retained Trial Balance Ledger Balance Sheet Statement FS Impact Earings 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 triol 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: January 01 to: January 09 Duerr Company Trial Balance January 09, 2021 Account Title Credit $ Debit 165,825 2,200 3,750 12,050 tt Cash Accounts receivable Supplies Equipment Common stock Dividends Services revenue Rent expense Total 175,750 13,900 25,700 3,725 201,450 $ 201450 Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet FS Impact 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, Duerr Company Income Statement For Month ended January 31, 2021 Revenues Services revenue 25,700 S 25,700 Total revenues Expenses Rent expense 3.725 Total expenses Net income 5 3,725 21.975 Income Statement For Month ended January 31, 2021 Revenues Services revenue 25,700 $ 25,700 Total revenues Expenses Rent expense 3,725 Total expenses Net income 3,725 21,975 $ Not Income or loss is transferred from the income statement to the