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 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 28 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. Hint: 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 OBL 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.