GL0206 (Algo) - Based on Problem 2-3A Jeanne Byrnes opens a web consulting business called Byrnes Consulting and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. March 1 Byrnes invested $177,000 cash along with $22,900 in office equipment in the company in exchange for common stock. March 2 The company prepaid $8,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. March 3 The company made credit purchases of office equipment for $3,900 and office supplies for $2,100. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $4,900 cash. March 9 The company completed a $8,400 project for a client, who must pay within 30 days. March 12 The company paid $6,000 cash to settle the account payable created on March 3. March 19 The company paid $5,900 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. March 22 The company received $5,000 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $4,800 on credit. March 29 The company paid $5,200 cash in dividends. March 30 The company purchased $700 of additional office supplies on credit. March 31 The company paid $600 cash for this month's utility bill. General Requirement Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. BYRNES CONSULTING Income Statement For Month Ended March 31 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the retained earnings. BYRNES CONSULTING Statement of Retained Earnings For Month Ended March 31 Retained earnings, March 1 Retained earnings, March 31 5,200 5,200 $ (5,200) Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Impact on Balance Sheet Equity Total Liabilities BYRNES CONSULTING Balance Sheet March 31 (5,200) Transaction March 1) Byrnes invested $177,000 cash along with $22,900 in office equipment in the company in exchange for common stock. March 2) The company prepaid $8,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. March 3) The company made credit purchases of office equipment for $3,900 and office supplies for $2,100. Payment is due within 10 days. March 6) The company completed services for a client and immediately received $4,900 cash. March 9) The company completed a $8,400 project for a client, who must pay within 30 days. March 12) The company paid $6,000 cash to settle the account payable created on March 3. March 19) The company paid $5,900 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 22) The company received $5,000 cash as partial payment for the work completed on March 9. Mar. 25) The company completed work for another client for $4,800 on credit. March 29) The company paid $5,200 cash in dividends. March 30) The company purchased $700 of additional office supplies on credit. March 31) The company paid $600 cash for this month's utility bill. Total impact on equity Impact on Equity $ 0