GLO201 (Algo) - (No Analysis Tab) - This problem is based on... LO A1, C2, P1 This problem is based on the transactions for the Stam Consulting Company in your text. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. ok December 1 On December 1, Jane Stam forms a consulting business, named Stam Consulting. Stam Consulting receives $64,000 cash from Jane Stam as an owner contribution. December 2 Stam Consulting pays $4,200 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts December 3 Stam Consulting pays $48,000 cash for equipment. December 4 Stam Consulting purchases $9,700 of supplies on credit from a supplier, CalTech Supply. December 5 Stam Consulting provides consulting services and immediately collects $5,900 cash. December 6 Stam Consulting pays $2,700 cash for December rent. December 7 Stam Consulting pays $1,200 cash for employee salary. December 8 Stam Consulting provides consulting services of $3,900 and rents its test facilities for $2,600. The customer is billed $6,500 for these services. December 9 Stam Consulting receives $6,500 cash from the client billed on December 8. December 10 Stam Consulting pays CalTech Supply $2,600 cash as partial payment for its December 4 $9,700 purchase of supplies. December 11 Jane Stam withdraws $1,100 cash from Stam Consulting for personal use. December 12 Stam Consulting receives $3,900 cash in advance of providing consulting services to a customer. The company's policy is to record fees collected in advance in a balance sheet account. December 13 Stam Consulting pays $4,100 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. The company's policy is to record all prepaid expenses in a balance sheet account. December 14 Stam Consulting pays $1,820 cash for supplies. December 15 Stam Consulting pays $2,005 cash for December utilities expense. December 16 Stam Consulting pays $1,550 cash in employee salary for work performed in the latter part of December. ences Requirement General Journal General Ledger Trial Balance Income Statement Statement Balance Sheet Owners Equity General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. General Ledger Tab - One of the advantages of general ledger software is that posting is done automatically. 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. Trial Balance