GLO202 - (No Analysis Tab) - Based on Exercise 2-9 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 Jan. 1 Carlos Sanchez, owner, invested $151,750 cash in the company in exchange for common stock Jan. 2 The company purchased office supplies for $2,950 cash. Jan. The company purchased $12,050 of office equipment on credit. Jan. 4 The company received 515,900 cash as fees for services provided to a customer Jan.5 The company paid $12,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 The company billed a customer 54,400 as fees for services provided Jan. The company paid $2,925 cash for the monthly rent Jan. The company collected $2,400 cash as partial payment for the account receivable created on January 6. Jan. 9 The company paid $12,00 cash in dividends to the owner (sole shareholder) Requirement General Joumal General Ledger Thal Balance Income Statement St Retained Earnings Balance Sheet Every joumal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of the Sanchez 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 View transaction list Journal entry worksheet 1 9 January 1 - Carlos Sanchez, owner, invested 5151,750 cash in the company in exchange for common stock Note Etter det bare credits Date Account Title Debu Credit Jan 01 GLO202 - (No Analysis Tab) - Based on Exercise 2-9 Prepare journal entries for each transaction and identity the financial statement impact of each entry The financial statements are automatically generated based on the journal entries recorded. Jan. 1 Carlos Sanchez, owner, invested 5151,750 cash in the company in exchange for common stock Jan. 2. The company purchased office supplies for $2,950 cash Jan. The company purchased 512,050 of office equipment on credit: Jan. 4 The company received $18,900 cash as fees for services provided to customer 30. The company paid $12,050 cash to settle the payable for the office equipment purchased on January 3 Jan. 6 The company billed a customer $4,400 as fees for services provided Jan. 2. The company paid $2,925 cash for the monthly rent Jan. 8. The company collected $2,400 cash as partial payment for the account receivable created on January 6. Jan. The company paid $12,300 cash individends to the owner sole shareholder). Requirement General Toumal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet 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 Data is not avatablu untu jaumnal entries have been interna GL0202 - (No Analysis Tab) - Based on Exercise 2-9 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. Dan 1 Carlos Sanchez, owner, invested $151,750 cash in the company in exchange for common stock Jan. 2 The company purchased office supplies for $2,950 cash, Jan. 3. The company purchased $12,050 of office equipment on credit. Jan. 4 The company received 518,900 cash as fees for services provided to a customer Jan. 5 The company paid $12,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 The company biled a customer $4,400 as fees for services provided Jan 7 The company paid $2,925 cash for the monthly rent Jun 5 The company collected $2,400 cash as partial payment for the account receivable created on January 6. Jan 9 The company paid $12,300 cash in dividends to the owner (sole shareholder). Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet 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 Datest Jan 01 to: Jan 09 Sanchez Company Trial Balance January 09, 2011 Account Title Debit Credit Total $ OS GL0202 - (No Analysis Tab) - Based on Exercise 2-9 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 Jan. 1 Carlos Sanchez, Owner, invested $151,750 cash in the company in exchange for common stock Jan. 2 The comparty purchased office supplies for $2,50 cash Jan. The company purchased $12,050 of office equipment on credit Jan 4 The company received 510,900 cash as fees for services provided to customer Jan. The company paid $12,050 cash to settle the payable for the office equipment purchased on January 3. 6 The company billed customer 54,400 as fees for services provided Jan. The company paid $2,925 cash for the monthly rent. Jon. The company collected $2,00 cash as partial payment for the account receivable created on January 6 Jan. The company pola $12,300 cash in dividends to the owner (role shareholder) Requirement eral Journal General Ledger Thial Balance Income Statement St Retained Earning Balance Sheet An Income statement reports the changes in equity attributable to the operation of the business during a specific time period Revenues increase equity, and expenses decrease equity. Sancher Com Income Statement For Moned January 31, 2018 Revenues Fosamed $ 0 Expenses Rent expense Net income Netcome of transferred from the income statement to the (Trial Balance St Retained Earnings GLO202 - (No Analysis Tab) - Based on Exercise 2-9 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 Jan. 1 Carlos Sanchez, Owner, invested 5151,750 cash in the company in exchange for common stock Jan. 2. The company purchased office supplies for 52,950 cash Jan. 3 The company purchased 512,850 of office squipment on credit. Ton 4 The company received $18,000 cash as fees for services provided to customer Jan. The company paid $12,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 The company billed a custoer 54,400 as fees for services provided Jan 7 The company paid $2,925 cash for the monthly rent. Jan. The company collected $2.400 cash as partial payment for the account receivable created on January 6 Jan. 9. The company paid $12,300 cash in dividends to the owner (sole shareholder), Requirement General Journal General Ledger Thal Balance Income Statement St Retained Earnings Balance Sheet Review the statement of retained earnings and indicate how the statement is linked to the other financial statements. Sanchez Company statement of Retained Emings For Month Jan 31, 2018 Retained earnings January 1 2018 Add Not income $ 0 0 Retained earnings, January 31, 2018 $ 0 Ending retained daming is transferred to the (income Statement Balance Sheet> Requirement General Bournal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet 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. Sanchez Company Balance Sheet January 31, 2018 Assets $ 0 0 Cash Accounts receivable Orice supplies Orice equipment O 0 Liabile Accounts payable 5 0 Equity 5 0 Common stock Retained earning 0 The balance in retained earnings comes from the (St Retained Earnings