GLO202 (Algo) - Based on Exercise 2-13 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. January 1 L. Martin, owner, invested $133,750 cash in the company in exchange for common stock. January 2 The company purchased supplies for $2,350 cash. January 3 The company purchased $16, 050 of equipment on credit. January 4 The company received $17,700 cash for services provided to a customer. January 5 The company paid $16,050 cash to settle the payable for the equipment purchased on January 3. January 6 The company billed a customer $3,800 for services provided. January 7 The company paid $2,325 cash for the monthly rent. January 8 The company collected $1,950 cash as partial payment for the account receivable created on January January 9 The company paid $11, 100 cash in dividends to the owner (sole shareholder). General Requirement General Income St Retained Trial Balance Balance Sheet FS Impact Journal Ledger statement Earings Every Journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transac Martin Company, entering the debits before the credits. Each transaction will automatically be posted to the General the Trial Balance as soon as you click "Record Entry Vian transaction fist View journal entry worksheet 3 No Date Account Title Credit Debit 133 750 1 January 01 Cash Common stock 133.750 2 January 02 Supplies Cash 2,350 2,350 3 January 03 16.050 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. January 1 L. Martin, owner, invested $133,750 cash in the comparty in exchange for common stock. January 2 The company purchased supplies for $2,350 cash. January 3 The company purchased $16, 050 of equipment on credit. January 4 The company received $17,700 cash for services provided to a customer. January 5 The company paid $16,850 cash to settle the payable for the equipment purchased on January 3. January 6 The company billed a customer $3,800 for services provided. January 7 The company paid $2,325 cash for the monthly rent. January 8 The company collected $1,950 cash as partial payment for the account receivable created on January 6. January 9 The company paid $11, 100 cash in dividends to the owner (sole shareholder). Balance Sheet FS Impact General Journal Income statement St Retained Earnings General Ledger Trial Balance Requirement Review the statement of retained earnings and indicate how the statement is linked to the other financial statements. Martin Company Statement of Retained Earnings For Month ended January 31, 2021 Retained earnings. January 1, 2021 $ Add: Net Income 0 $ 0 Retained earnings. January 31, 2021 Ending retained earnings is transferred to the Balance Sheet> Income Statement General General St Retained Income Requirement Trial Balance Balance Sheet PS Impact Journal Ledger statement Earrings The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Equity Includes common stock and the ending retained earnings amount from the statement of Retained Earnings. Martin Company Balance Sheet January 31, 2021 Assets DS Cash Accounts receivable Supplies Equipment 131,400 0 2,350 $ 133.750 Total assets Liabilities 0 Accounts payable 0 Total abilities Equity Common stock Retained earings Total equity Total liabilities and equity 133,750 0 133,750 133,750 $ The balance in retained earnings comes from the
