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 P Parker, owner, invested $169,750 cash in the company in exchange for common stock January 2 The company purchased supplies for $3,550 cash January 3 The company purchased $16,050 of equipment on credit January 4 The company received $20,100 cash for services provided to a customer January 5 The company paid $16,050 cash to settle the payable for the equipment purchased on January 3 January 6 The company billed a customer $5,000 for services provided January 7 The company paid $3,525 cash for the monthly rent January 8 The company collected $2,850 cash as partial payment for the account receivable created on January 6 January 9 The company paid $13,500 cash in dividends to the owner (sole shareholder) Transaction Net Income Total Assets Total Liabilities Total Equity Income statement Balance sheet Balance sheet Balance sheet $ 0 $ 169 750 $ 0 $ 169,750 0 169,750 0 169,750 16,050 20,100 Where can you go to find each of your answers January 1 P Parker, owner, invested $169,750 cash in the company in exchange for common stock January 2 The company purchased supplies for $3,550 cash January 3 The company purchased $16,050 of equipment on credit January 4 The company received $20,100 cash for services provided to a customer January 5 The company paid $16,050 cash to settle the payable for the equipment purchased on January 3 January 6 The company billed a customer $5,000 for services provided Jan 7 The company paid $3,525 cash for the monthly rent January 8 The company collected $2,850 cash as partial payment for the account receivable created on January 6 January 9 The company paid $13,500 cash in dividends to the owner (sole shareholder)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 20, 2024

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

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	P. Parker, owner, invested $169,750 cash in the company in exchange for common stock.
January 2	The company purchased supplies for $3,550 cash.
January 3	The company purchased $16,050 of equipment on credit.
January 4	The company received $20,100 cash for services provided to a customer.
January 5	The company paid $16,050 cash to settle the payable for the equipment purchased on January 3.
January 6	The company billed a customer $5,000 for services provided.
January 7	The company paid $3,525 cash for the monthly rent.
January 8	The company collected $2,850 cash as partial payment for the account receivable created on January 6.
January 9	The company paid $13,500 cash in dividends to the owner (sole shareholder).

image text in transcribed

Transaction: Net Income Total Assets Total Liabilities Total Equity Income statement Balance sheet Balance sheet Balance sheet $ 0 $ 169.750 $ 0 $ 169,750 0 169,750 0 169,750 16,050 20,100 Where can you go to find each of your answers? January 1 - P. Parker, owner, invested $169,750 cash in the company in exchange for common stock. January 2 - The company purchased supplies for $3,550 cash. January 3 - The company purchased $16,050 of equipment on credit. January 4 - The company received $20,100 cash for services provided to a customer. January 5 - The company paid $16,050 cash to settle the payable for the equipment purchased on January 3. January 6 - The company billed a customer $5,000 for services provided Jan. 7 - The company paid $3,525 cash for the monthly rent. January 8 - The company collected $2,850 cash as partial payment for the account receivable created on January 6. January 9 - The company paid $13,500 cash in dividends to the owner (sole shareholder)