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 M. Duerr, owner, invested $175,750 cash in the company in exchange for common stock. January 2 The company purchased supplies for $3,750 cash. January 3 The company purchased $12,ese of equipment on credit. January 4 The company received $20,500 cash for services provided to a customer. January 5 The company paid $12,050 cash to settle the payable for the equipment purchased on January 3. January 6 The company billed a customer $5,200 for services provided. January 7 The company paid $3,725 cash for the monthly rent. January & The company collected $3,000 cash as partial payment for the account receivable created on January 6. January 9 The company paid $13,980 cash in dividends to the owner (sole shareholder). Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet FS Impact 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 Retained Earnings Tab - Beginning retained earnings plus (minus) net income (loss) for the period less dividends. Review the statement of Retained earnings and indicate how the statement is linked to the other financial statements Balance Sheet Tob - Each asset and liability account balance, as reported on the trial balance, appears on the balance sheet, along with the equity balance. Review the balance sheet and then indicate how the balance sheet is linked to the other financial statements. Financial Statement Impact Tab It is important to be able to identify the impact each transaction has on the financial statements. For each of the transactions, indicate the cumulative amount of net income, total assets, total liabilities and total equity that would appear on the financial statements immediately after each transaction is recorded. Journal entry worksheet 1 2 3 4 5 6 7 8 9 > January 1 - M. Duerr, owner, invested $175,750 cash in the company in exchange for common stock. Note: Enter debits before credits Account Title Debit Credit Date January 01 000: No journal entry required 101: Cash 106: Accounts receivable 126: Supplies Record entr lew general journal Journal entry worksheet January 1 - M. Duerr, owner, invested $175,750 cash in the company in exchange for common stock. Note: Enter debits before credits. Date Account Title Debit Credit January 01 140: Land 163: Equipment 168: Accumulated depreciation - office equipment 201: Accounts payable Record entry 226: Unearned consulting revenue lew general Journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 > January 1 - M. Duerr, owner, invested $175,750 cash in the company in exchange for common stock. Note: Enter debits before credits. Account Title Debit Credit Date January 01 307: Common stock 319: Dividends 403: Services revenue 406: Rental revenue 622: Salaries expense Record entry lew general Journal Journal entry worksheet January 1 - M. Duerr, owner, invested $175,750 cash in the company in exchange for common stock. Note: Enter debits before credits. Date Account Title Debit Credit January 01 > 622: Salaries expense 627: Insurance expense 640: Rent expense 652: Supplies expense 690: Utilities expense Record entry jew general journal Journal entry worksheet 1 2 3 4 5 6 7 8 9 January 2 - The company purchased supplies for $3,750 cash. Note: Enter debits before credits. Account Title Debit Credit Date January 02 000: No journal entry required 101: Cash 106: Accounts receivable 126: Supplies Record entry lew general Journal Journal entry worksheet January 3 - The company purchased $12,050 of equipment on credit. Note: Enter debits before credits Date Account Title Debit Credit January 03 000: No journal entry required 101: Cash 106: Accounts receivable 126: Supplies Record entry iew general Journal Journal entry worksheet January 4 - The company received $20,500 cash for services provided to a customer. Note: Enter debits before credits. Date Account Title Debit Credit January 04 Journal entry worksheet January 5 - The company paid $12,050 cash to settle the payable for the equipment purchased on January 3. Note: Enter debits before credits. Date Account Title Debit Credit January 05 Record entry Clear entry View general Journal Journal entry worksheet