GLO201 (No Analysis Tab) - Based on the... LO A1, C3, C4, P1, P2, P3 This problem is based on the transactions for the Solid Systems 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 Dec. Dec. Dec. Dec. Dec. Dec. 1 on December 1, April Mohr forms a consulting business, named Solid Systems. Solid Systems receives $86,000 cash from April 2 Solid Systems pays $5,300 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. 3 Solid Systems pays $70,000 cash for equipment. Dec. 4 Solid Systems purchases $11,350 of supplies on credit from a supplier, CalTech Supply. Dec. 5 Solid Systems provides consulting services and immediately collects $7,000 cash. 6 Solid Systems pays $3,800 cash for December rent. 7 Solid Systens pays $2,300 cash for employee salary. 8 Solid Systems provides consulting services of $6,100 and rents its test facilities for $4,800. The customer is billed $10,900 for these services. Dec. 9 Solid Systems receives $10,900 cash from the client billed on December 8. Dec. 10 Solid Systems pays Caltech Supply 5), 700 cash as part til payment for its December 4 $11,350 purchase of supplies. Dec. 12 Solid Systems receives $5,000 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. Dec. 13 Solid Systems pays $5,200 cash (Insurance premiun) 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. Dec. 14 Solid Systems pays $2,920 cash for supplies. Dec. 15 Solid Systems pays $3,105 cash for December utilities expense. Dec. 16 Solid Systems pays $2,100 cash in employee salary for work performed in the latter part of December General General Income St Owners Requirement Trial Balance Ledger Journal Statement Balance Sheet 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 Tab - General ledger software also automates the preparation of trial balances. 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. Income Statement Tab - The revenue and expense balances from the trial balance appear on the income statement, along with their balance as of the date selected. Review the income statement and indicate how the income statement is linked to the other financial statements. Statement of Owner's Equity Tab - Owner Investments and withdrawals, as reported on the trial balance, appear on the statement of owner's equity. Review the statement of owner's equity and indicate how the statement of owner's equity is linked to the other financial statements. Ralan Chan Tah - Each accal and liabilitarunt halana antaran the trial halana annare on the halance GLO201 (No Analysis Tab) - Based on the... LO A1, C3, C4, P1, P2, P3 This problem is based on the transactions for the Solid Systems 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 Dec. Dec. Dec. Dec. Dec. Dec. 1 on December 1, April Mohr forms a consulting business, named Solid Systems. Solid Systems receives $86,000 cash from April 2 Solid Systems pays $5,300 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. 3 Solid Systems pays $70,000 cash for equipment. Dec. 4 Solid Systems purchases $11,350 of supplies on credit from a supplier, CalTech Supply. Dec. 5 Solid Systems provides consulting services and immediately collects $7,000 cash. 6 Solid Systems pays $3,800 cash for December rent. 7 Solid Systens pays $2,300 cash for employee salary. 8 Solid Systems provides consulting services of $6,100 and rents its test facilities for $4,800. The customer is billed $10,900 for these services. Dec. 9 Solid Systems receives $10,900 cash from the client billed on December 8. Dec. 10 Solid Systems pays Caltech Supply 5), 700 cash as part til payment for its December 4 $11,350 purchase of supplies. Dec. 12 Solid Systems receives $5,000 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. Dec. 13 Solid Systems pays $5,200 cash (Insurance premiun) 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. Dec. 14 Solid Systems pays $2,920 cash for supplies. Dec. 15 Solid Systems pays $3,105 cash for December utilities expense. Dec. 16 Solid Systems pays $2,100 cash in employee salary for work performed in the latter part of December General General Income St Owners Requirement Trial Balance Ledger Journal Statement Balance Sheet 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 Tab - General ledger software also automates the preparation of trial balances. 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. Income Statement Tab - The revenue and expense balances from the trial balance appear on the income statement, along with their balance as of the date selected. Review the income statement and indicate how the income statement is linked to the other financial statements. Statement of Owner's Equity Tab - Owner Investments and withdrawals, as reported on the trial balance, appear on the statement of owner's equity. Review the statement of owner's equity and indicate how the statement of owner's equity is linked to the other financial statements. Ralan Chan Tah - Each accal and liabilitarunt halana antaran the trial halana annare on the halance