GLO207. Based on Problem 2-4A LO A1, C3, P1, P2 Business transactions completed by Than Nguyen during the month of September are as follows. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements Sep- 1 Nguyen invested $147,088 cash along with office equipment valued at $27,900 in a new sole proprietorship named IN Consulting Sep. 3 The company purchased land valued at $42,000 and a building valued at $162,900. The purchase is paid with $32,900 cash and a long-term note payable for $172,000. Sep. 5 The company purchased $4,900 of office supplies on credit. Sep. 7 Nguyen invested a personal automobile in the company. The automobile has a value of $22,398 and is to be used exclusively in the business. Sep. 9 The company purchased $10,300 of additional office equipment on credit. Sep. 11 The company paid $3,000 cash salary to an assistant. Sep. 13 The company provided services to a client and collected $6,800 cash. Sep. 15 The company paid $1,600 cash for this month's utilities. Sep. 17 The company paid $4,900 cash to settle the account payable created on September 5. Sep. 19 The company purchased $20,800 of new office equipment by paying $20,800 cash. Sep. 21 The company completed $7,200 of services for a client, who must pay within 30 days. Sep. 23 The company paid $3,000 cash salary to an assistant. Sep. 25 The company received $5,000 cash in partial payment on the receivable created on September 21. Sep. 27 Nguyen withdrew $3,300 cash from the company for personal use. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Impact on Equity General Journal Tab. For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger. General Ledger Tab - 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. Abnormal balances appear in parentheses. Click on any amount to see the underlying journal entry. Trial Balance Tab - 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. If your trial balance doesn't balance, review your journal entries on the general journal tab. Income Statement Tab - Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. Statement of Owner's Equity Tab - Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the owner's capital balance. Balance Sheet Tab - Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate. Impact on Equity Tab - Using the dropdown buttons, indicate the impact each item has on total equity. Compare the total with the amount of equity reported on the balance sheet
