GL0204 (No Analysis Tab) Based on Problem 2 1A LO A1, C3, C4, P1, P2 Caitlin Fields opens a web consulting business called Home Perfection and completes the following transactions in its first month of operations 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 Apr 1Fields invested $143,000 cash along with office equipment valued at $36,500 in the company Apr 2The company prepaid $21,600 cash for 12 months' rent for office space The company's policy is record prepaid expenses in balance sheet accounts Apr 3The company made credit purchases for $10,100 in office equipment and $5,700 in office supplies Payment is due within 10 days Apr 6The company completed services for a client and immediately received $10,300 cash Apr 9The company completed a $16,500 project for a client, who must pay within 30 days Apr 13The company paid $15,800 cash to settle the account payable created on April 3 Apr 19The company paid $7,440 cash for the premium on a 12 month insurance policy The company's policy is record prepaid expenses in balance sheet accounts Apr 22The company received $9,900 cash as partial payment for the work completed on April 9 Apr 25The company completed work for another client for $6,000 on credit Apr 28Fields withdrew $6,000 cash from the company for personal use Apr 29The company purchased $2,700 of additional office supplies on credit Apr 30The company paid $2,900 cash for this month's utility bill Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet 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 Owner's Equity Tab Owner investments and withdrawals , as reported on the trial balance, appear on the statement of owner's equity Review the statement of owner's equity and indicate how the statement of owner's equity 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 ending capital balance Review the balance sheet and then indicate how the balance sheet is linked to the other financial statements

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GL0204 (No Analysis Tab) - Based on Problem 2-1A LO A1, C3, C4, P1, P2 Caitlin Fields opens a web consulting business called Home Perfection

GL0204 (No Analysis Tab) - Based on Problem 2-1A LO A1, C3, C4, P1, P2

Caitlin Fields opens a web consulting business called Home Perfection and completes the following transactions in its first month of operations.

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.

Apr.1Fields invested $143,000 cash along with office equipment valued at $36,500 in the company.Apr.2The company prepaid $21,600 cash for 12 months' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts.Apr.3The company made credit purchases for $10,100 in office equipment and $5,700 in office supplies. Payment is due within 10 days.Apr.6The company completed services for a client and immediately received $10,300 cash.Apr.9The company completed a $16,500 project for a client, who must pay within 30 days.Apr.13The company paid $15,800 cash to settle the account payable created on April 3.Apr.19The company paid $7,440 cash for the premium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts.Apr.22The company received $9,900 cash as partial payment for the work completed on April 9.Apr.25The company completed work for another client for $6,000 on credit.Apr.28Fields withdrew $6,000 cash from the company for personal use.Apr.29The company purchased $2,700 of additional office supplies on credit.Apr.30The company paid $2,900 cash for this month's utility bill.

Requirement
General Journal
General Ledger
Trial Balance
Income Statement
St Owners Equity
Balance Sheet

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-Therevenueandexpensebalances 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 Owner's Equity Tab -Ownerinvestmentsandwithdrawals, as reported on the trial balance, appear on the statement of owner's equity.Review the statement of owner's equity and indicate how the statement of owner's equity is linked to the other financial statements.
Balance Sheet Tab-Eachassetandliabilityaccount balance, as reported on the trial balance, appears on the balance sheet, along with theending capitalbalance.Review the balance sheet and then indicate how the balance sheet is linked to the other financial statements.