GL0208 (Algo) - Based on Serial Problem LO A1, P1 On October 1, 2021, Caitlin Fields launched a computer services company called Fields Initiatives, which provides consulting services, computer system installations, and custom program development. Fields adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2021. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. October 1 C. Fields invested $108,000 cash, a $22,100 computer system, and $10,000 of office equipment in the company in exchange for common stock. October 2 The company paid $3,300 cash for four months rent. (The company's policy is to record prepaid expenses in balance sheet accounts.) October 3 The company purchased $2,800 of computer supplies on credit from Sanchez Office Products. October 5 The company paid $2,800 cash for one year's premium on a property and liability insurance policy. (The company's policy is to record prepaid expenses in balance sheet accounts.) October 6 The company billed Fox Leasing $6,900 for services performed in installing a new web server. October 8 The company paid $2,800 cash for the computer supplies purchased from Sanchez Office Products on October 3. October 10 The company hired Michelle Pields as a part-time assistant. October 12 The company billed Fox Leasing another $5,600 for services performed. October 15 The company received $6,900 cash from Fox Leasing as partial payment on its account. October 17 The company paid $1,000 cash to repair computer equipment that was damaged when moving it. October 20 The company paid $1,900 cash for advertisements published in the local newspaper. October 22 The company received $5,600 cash from Fox Leasing on its account. October 28 The company billed OBL Company $5,400 for services performed. October 31 The company paid $1,400 cash for Michelle Fields's wages for seven days' work. October 31 The company paid a $8,000 cash dividend. November 1 The company paid $320 cash for mileage expenses. November 2 The company received $4,800 cash from Porter Corporation for computer services performed. November 5 The company purchased computer supplies for $2,100 cash from Sanchez Office Products. November 8 The company billed Masters Company $2,200 for services performed. November 13 The company agreed to perform future services for Jones Engineering Company No work has yet been performed. November 18 The company received $3,200 cash from OBL Company as partial payment of the October 28 bill. November 22 The company paid $300 cash for miscellaneous expenses. Hints Debit Miscellaneous Expense for $300. November 24 The company completed work for Jones Engineering Company and sent it a bill for $6,600. November 25 The company sent another bill to oat Company for the past-due amount of $2,200. November 28 The company paid $384 cash for mileage expenses. November 30 The company paid $2,800 cash for Michelle Fields's wages for 14 days work. November 30 The company paid a $3,100 cash dividend. Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of Fields Initiatives, 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". If no journal entry is required, select "No journal entry required" In the first account field. View transaction list Journal entry worksheet 2 3 4 5 6 7 8 27 October 1) C. Fields invested $108,000 cash, a $22,100 computer system, and $10,000 of office equipment in the company in exchange for common stock. Note: Enter debits before credits. Date October 01 Account Title Debit Credit Record entry Clear entry View general Journal Show less A Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger. General Ledger Tab - 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. Abnormal balances appear in parentheses. Click on any amount to see the underlying journal entry. Trial Balance Tab - 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. If your trial balance doesn't balance, review your journal entries on the general journal tab. Income Statement Tab - 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. Statement of Retained Earnings Tab - Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the retained earnings balance. Balance Sheet Tab-Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate. Impact on Equity Tab - Using the dropdown buttons, indicate the Impact each item has on total equity. Compare the total with the amount of equity reported on the balance sheet. k nces Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity 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 trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you there is 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. Total Account Title Fields Initiatives Trial Balance November 30, 2021 < General Ledger Income Statement Show less A Debit Credit 0$ 0 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. Fields Initiatives Income Statement For Two Months Ended November 30 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 owner's capital balance. Fields Initiatives Statement of Retained Earnings For Two Months Ended November 30 Retained earnings, October 11 $ Retained earnings, November 30 1 ces Requirement General 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 balance sheet. The account balances will automatically populate. Fields Initiatives Balance Sheet November 30 Accounts payable 0 $ < St Retained Earnings Impact on Equity > While the balance sheet reports the detail of Individual assets and liabilities, owner's equity is reported in total. The expanded accounting equation shows the four subsets of equity: Revenues, Expenses, Owner Investments and Owner withdrawals. Using the dropdown buttons, Indicate the impact each transaction has on total equity (if any). Compare the total with the amount of equity reported on the balance sheet. Transaction October 1) C. Fields invested $108,000 cash, a $22,100 computer system, and $10,000 of office equipment in the company in exchange for common stock. October 2) The company paid $3,300 cash for four months rent. (The company's policy is to record prepaid expenses in balance sheet accounts.) October 3) The company purchased $2,800 of computer supplies on credit from Sanchez Office Products. October 5) The company paid $2,800 cash for one year's premium on a property and liability insurance policy. (The company's policy is to record prepaid expenses in balance sheet accounts.) October 6) The company billed Fox Leasing $6,900 for services performed in installing a new web server. October 8) The company paid $2,800 cash for the computer supplies purchased from Sanchez Office Products on October 3. October 10) The company hired Michelle Fields as a part-time assistant. October 12) The company billed Fox Leasing another $5,600 for services performed. October 15) The company received $6,900 cash from Fox Leasing as partial payment on its account. October 17) The company paid $1,000 cash to repair computer equipment that was damaged when moving it. October 20) The company paid $1,900 cash for advertisements published in the local newspaper October 22) The company received $5,600 cash from Fox taseinn on ite anunt Impact on Equity Show less A