GL0207 - Based on Problem 2-4A

Business transactions completed by Anita Strods during the month of September are as follows. Using the following transactions, record journal entries, create financial statements and assess the impact of each transaction on the financial statements.

Sep.		1		Strods invested $144,000 cash along with office equipment valued at $27,800 in a new sole proprietorship named AS Consulting.
Sep.		3		The company purchased land valued at $40,000 and a building valued at $162,800. The purchase is paid with $32,800 cash and a long-term note payable for $170,000.
Sep.		5		The company purchased $4,800 of office supplies on credit.
Sep.		7		Strods invested a personal automobile in the company. The automobile has a value of $22,100 and is to be used exclusively in the business.
Sep.		9		The company purchased $10,100 of additional office equipment on credit.
Sep.		11		The company paid $2,850 cash salary to an assistant.
Sep.		13		The company provided services to a client and collected $6,700 cash.
Sep.		15		The company paid $1,400 cash for this months utilities.
Sep.		17		The company paid $4,800 cash to settle the account payable created on September 5.
Sep.		19		The company purchased $20,700 of new office equipment by paying $20,700 cash.
Sep.		21		The company completed $7,000 of services for a client, who must pay within 30 days.
Sep.		23		The company paid $2,850 cash salary to an assistant.
Sep.		25		The company received $5,000 cash in partial payment on the receivable created on September 21.
Sep.		27		Strods withdrew $3,200 cash from the company for personal use.