Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hello! I am having trouble completing this FS Impact chart. If possible, please fill it out in its entirety and ignore the numbers I have
Hello! I am having trouble completing this FS Impact chart. If possible, please fill it out in its entirety and ignore the numbers I have in there already, as they may not be right. Thank you in advance!
GL0204 (Algo) - Based on Problem 2-1A Jim Kennedy opens a web consulting business called Kind Matters 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 journal entries recorded. in balance sheet accounts. days. April 6 The company completed services for a client and immediately received \$5,860 cash. April 9 The company completed a $9,000 project for a client, who must pay within 30 days. April 13 The company paid $12,800 cash to settle the account payable created on April 3 . prepaid expenses in balance sheet accounts. April 22 The company received $5,400 cash as partial payment for the work completed on April 9. April 25 The company completed work for another client for \$4,500 on credit. April 28 The company paid $6,100 cash in dividends. April 29 The company purchased $1,200 of additional office supplies on credit. April 30 The company paid $1,500 cash for this month's utility bill. The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your work by selecting the date on the trial balance tab.) The first two transactions are completed for you
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started