GLO204 (Algo) - Based on Problem 2-1A Ivan Kuhl opens a web consulting business called Photo Sense and completes the following transactions in its first month of operations. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the joumal entries recorded. Apri1 1 Kuh1 invested $101,600 cash along with office equiphent valued at $20, 5e0 in the conpany in exchange for comnon stock. Apr11 2 The company prepaid $13,280 cash for 12 wonths' rent for office space. The corpany's policy is to record prepaid expenses in balance sheet accounts. Apri1 3 The conpany made credit purchases for $8,700 in office equiprent and $4, 300 in office supplies. Paynent is due. within 1e days. April 6 The company corpleted services for a client and innediately received $6,106 cash. Apri1 9 The conpany completed a $9,560 project for a client, who must pay within 30 days. Apri1 13. The company paid 513,e00 cash to settle the account payable created on Apri1 3. Apri1 19 The cospany paid 54, Bse cash for the prentun on a 12-month prepaid insurance policy. The conpany's policy is to recond prepaid expenses in balance sheet accounts. April 22 The conpany received 35,7e0 cash as partial paytent for the work coopleted on Apri1 9. April 25 The conpany conpleted work for another client for $4,660 on credit. April 28 The conpany paid 56,200 cash in dividends. Apri1 29 The company purchased $1,300 of additional office supplies on credit. April 30 the conpany paid $1,700 cash for this nonth's utility bill. The financial statements report the cumulative impact of all transactions recorded as of the financial statement cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would the financial statements immediately after each transaction is recorded. (Hint: You can check your work by : date on the trial balance tab.) The first two transactions are completed for you