GL0305 - Based on the Serial Problem LO P1, P2, P3, P4, P5, P6 The November 30, 2018, unadjusted trial balance of Stream Launch is found in the Trial balance tab. Stream Launch had the following transactions and events in December 2018. Dec. 2 Paid $1,120 cash to Delray Mall for Stream Launch' share of mall advertising costs. Dec. 3 Paid $560 cash for minor repairs to the company's computer. Dec. 4 Received $5,300 cash from Ryan Engineering Co. for the receivable from November. Dec. 1e Paid cash to Jim Egert for six days of work at the rate of $180 per day. Dec. 14 Notified by Ryan Engineering Co. that Stream Launch' bid of $7,380 on a proposed project has been accepted. Ryan paid a $1,650 cash advance to Stream Launch. Dec. 15 Purchased $1,250 of computer supplies on credit from Jackson Office Products. Dec. 16 Sent a reminder to Byrnes Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for Kuhl Corporation and received $5,900 cash. Dec. 22- Took the week off for the holidays. 26 Dec. 28 Received $3,600 cash from Byrnes Co. on its receivable. Dec. 29 Reimbursed A. Egert for business automobile mileage (750 miles at $2.32 per mile). Dec. 31 The company paid $1,600 cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months: a. The December 31 Inventory count of computer supplies shows $700 still available. b. Three months have expired since the 12-month Insurance premium was paid in advance. c. As of December 31, Jim Egert has not been paid for four days of work at $180 per day. d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. f. Three of the four months prepaid rent has expired. GISI Accounts receivable 3,600 10 Dec 29 240 Mileage expense Cash 240 11 Dec 31 Dividends 1,600 Cash 1,600 12 Dec 31 3,460 Computer supplies expense Computer supplies >> 3,460 X 13 Dec 31 660 Insurance expense Prepaid insurance 660 14 Dec 31 720 Wages expense Wages payable 720 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net i If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments ca found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Sho Adjusted Impact on net income Adjusting entry related to: a) Computer supplies b) Prepaid insurance Account affecting the: Income Statement Balance Sheet Computer supplies expense Computer supplies Insurance expense Prepaid insurance C) Accrued wages d) Depreciation - Computer equipment Wages expense Wages payable Depreciation expense- Accumulated depreciation - Computer equipment Computer equipment Depreciation expense - Office Accumulated depreciation - equipment Office equipment Rent expense Prepaid rent e) Depreciation - Office equipment f) Prepaid rent GL0305 - Based on the Serial Problem LO P1, P2, P3, P4, P5, P6 The November 30, 2018, unadjusted trial balance of Stream Launch is found in the Trial balance tab. Stream Launch had the following transactions and events in December 2018. Dec. 2 Paid $1,120 cash to Delray Mall for Stream Launch' share of mall advertising costs. Dec. 3 Paid $560 cash for minor repairs to the company's computer. Dec. 4 Received $5,300 cash from Ryan Engineering Co. for the receivable from November. Dec. 1e Paid cash to Jim Egert for six days of work at the rate of $180 per day. Dec. 14 Notified by Ryan Engineering Co. that Stream Launch' bid of $7,380 on a proposed project has been accepted. Ryan paid a $1,650 cash advance to Stream Launch. Dec. 15 Purchased $1,250 of computer supplies on credit from Jackson Office Products. Dec. 16 Sent a reminder to Byrnes Co. to pay the fee for services recorded on November 8. Dec. 20 Completed a project for Kuhl Corporation and received $5,900 cash. Dec. 22- Took the week off for the holidays. 26 Dec. 28 Received $3,600 cash from Byrnes Co. on its receivable. Dec. 29 Reimbursed A. Egert for business automobile mileage (750 miles at $2.32 per mile). Dec. 31 The company paid $1,600 cash in dividends. The following additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months: a. The December 31 Inventory count of computer supplies shows $700 still available. b. Three months have expired since the 12-month Insurance premium was paid in advance. c. As of December 31, Jim Egert has not been paid for four days of work at $180 per day. d. The computer system, acquired on October 1, is expected to have a four-year life with no salvage value. e. The office equipment, acquired on October 1, is expected to have a five-year life with no salvage value. f. Three of the four months prepaid rent has expired. GISI Accounts receivable 3,600 10 Dec 29 240 Mileage expense Cash 240 11 Dec 31 Dividends 1,600 Cash 1,600 12 Dec 31 3,460 Computer supplies expense Computer supplies >> 3,460 X 13 Dec 31 660 Insurance expense Prepaid insurance 660 14 Dec 31 720 Wages expense Wages payable 720 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net i If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments ca found on the income statement tab. (Hint: Select unadjusted on the drop-down.) Sho Adjusted Impact on net income Adjusting entry related to: a) Computer supplies b) Prepaid insurance Account affecting the: Income Statement Balance Sheet Computer supplies expense Computer supplies Insurance expense Prepaid insurance C) Accrued wages d) Depreciation - Computer equipment Wages expense Wages payable Depreciation expense- Accumulated depreciation - Computer equipment Computer equipment Depreciation expense - Office Accumulated depreciation - equipment Office equipment Rent expense Prepaid rent e) Depreciation - Office equipment f) Prepaid rent