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,ose 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 8 the company collected $3,000 cash as partial payment for the account receivable created on January 6. January 9 the company paid $13,900 cash in dividends to the owner (sole shareholder). Answer is not complete. Requirement General General Income Journal Trial Balance St Retained Ledger Statement Balance Sheet Earnings FS Impact Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of the Duerr Company, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger and the Trial Balance as soon as you click "Record Entry" No Date Account Title Debit Credit 1 January 01 175,750 Cash Common stock 175,750 2 January 02 Supplies Cash 3.750 3,750 3 January 03 12,050 Equipment Accounts payable 12,050 4 January 04 20,500 Cash Services revenue 20,500 January 05 12,050 Accounts payable Cash 12,050 6 January 06 5,200 Accounts receivable Services revenue 5,200 5 January 05 Accounts payable Cash 12,050 > 12,050 6 January 06 5,200 Accounts receivable Services revenue >> 5,200 7 January 07 3,725 Rent expense Cash Is 3,725 8 January 08 3,000 Cash Accounts receivable 3,000 9 January 09 13.900 Dividends Cash 13 900 Grid Requirement VER Journal Trial Balance HIILITE Statement DE CLOU Earnings Balance Sheet Ledger FS Impact Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry: General Ledger Account Cash Accounts receivable No. Date Debit Credit No. Date Debit Credit Balance 175,750 5,200 6 January 06 8 January 08 0 5,200 2.200 1 3,750 3,000 20,500 ann 1 January 01 2 January 02 4 January 04 5 January 05 7 January 07 8 January 08 9 January 09 Balance 0 175,750 172,000 192,500 180.450 176,725 179.725 165,825 12.050 3.725 3,000 13,900 Supplies Debit Equipment Debit No. Date Credit No. Date Credit Balance Balance 0 3,750 2 January 02 3.750 3 January 03 12.050 12.050 Common stock Accounts payable Debit Credit No. Date No. Date Debit Credit Balance Balance 0 12,050 0 12,050 0 175,750 1 January 01 175,750 3 January 03 5 January 05 12,050 Dividends Services revenue Debit Credit No. Date Debit Credit No. Date Balance 0 13,900 9 January 09 13,900 Balance 0 20,500 25,700 4 January 04 6 January 06 20,500 5200 Rent expense No. Date Debit Credit Balance 7 January 07 3,725 3.725 The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you must have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less Dates: January 01 to: January 09 Duerr Company Trial Balance January 09, 2021 Account Title Credit $ Debit 165,825 2.200 3,750 12,050 Cash Accounts receivable Supplies Equipment Common stock Dividends Services revenue Rent expense Total 175,750 13,900 25.700 $ 3.725 201.450 5 201.450 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet FS Impact Review the statement of retained earnings and indicate how the statement is linked to the other financial statements. Duerr Company Statement of Retained Earnings For Month ended January 31, 2021 Retained earnings, January 1, 2021 Add: Net income Less Dividend Retained earnings, January 31, 2021 $ 0 21,975 (13,900) 8,075 7 Ending retained eamings is transferred to the
