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Retu On October 1, 2021, Mike Arnold launched a computer services company called Arnold Computing, which provides consulting services, computer system installations, and custom program development. Arnold adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2021. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements October 1 M. Arnold invested $102,000 cash, a $21,900 computer systen, and $14,000 of office equipment in the October 2 The company paid $4,800 cash for four months' rent. (The company's policy is to record prepaid expenses in balance sheet accounts.) October 3 The company purchased $2,400 of computer supplies on credit fron Potter Office Products. October 5 The company paid $2,400 cash for one year's premiun on a property and liability insurance policy. (The company's policy is to record prepaid expenses in balance sheet accounts.) October 6 The company billed Clark Leasing $6,700 for services performed in installing a new web server. October 8 The company paid $2,400 cash for the computer supplies purchased from Potter office Products on October 3. October 10 The company hired Ronnie Arnold as a part-time assistant. October 12 The company billed Clark Leasing another $5,200 for services performed. October 15 The company received $6,700 cash from Clark Leasing as partial payment on its account. October 17 The company paid $1,400 cash to repair computer equipment that was danaged when moving it. October 20 The company paid $2,300 cash for advertisements published in the local newspaper. October 22 The company received $5,200 cash from Clark Leasing on its account. October 28 The company billed ABC Company $5,800 for services performed. October 31 The company paid $1,050 cash for Ronnie Arnold's wages for seven days' work. October 31 M. Arnold withdrew $8,000 cash from the company for personal use. November i The company reinbursed M. Arnold in cash for business automobile mileage allowance (Arnold logged 1,000 miles at $8.32 per mile). November 2 The company received $5,200 cash from Hughes Corporation for conputer services performed. November 5 The company purchased computer supplies for $1,900 cash from Potter Office Products. November 8 The company billed Porter Company $2,300 for services performed. November 13 The company agreed to perform future services for Green Engineering Company. No work has yet been performed. November 18 The company received $3,500 cash from ABC Company as partial payment of the October 28 bill. November 22 The company paid $688 cash for miscellaneous expenses. Hint: Debit Miscellaneous Expense for $600. November 24 The company completed work for Green Engineering Company and sent it a bill for $6,600. November 25 The company sent another bill to ABC Company for the past-due amount of $2,300. November 28 The company reimbursed M. Arnold in cash for business automobile mileage (1,200 miles at $0.32 per mile). November 30 The company paid $2,100 cash for Ronnie Arnold's wages for 14 days' work. November 30 M. Arnold withdrew $3,300 cash from the company for personal use. No Dato Account Title Debit Credit 1 October 01 Cash Computer equipment Office equipment M. Arnold, Capital 102,000 21,900 14,000 137.900 2 October 02 4,800 Prepaid rent Cash 4,800 > 3 October 03 2.400 Computer supplies Accounts payable O 2.400 4 October 05 2.400 0 Prepaid insurance Cash OO 2,400 > 5 October 06 6,700 Accounts receivable Computer services revenue 6,700 6 October 08 2.400 Accounts payable Cash . 2,400 7 October 10 No journal entry required > 8 October 12 5,200 Accounts receivable Computer services revenue 5,200 9 October 15 Cash 6,700 9 October 15 Cash 6,700 Accounts receivable >> 6,700 10 October 17 Repairs expense - Computer Cash 1,400 1,400 >> >> 11 October 20 Advertising expense Cash 2,300 2,300 12 October 22 5,200 Cash Accounts receivable O 5,200 13 October 28 5,800 Accounts receivable Computer services revenue 5,800 14 October 31 1,050 Wages expense Cash 1,050 > 15 October 31 > 8,000 M. Arnold, Withdrawals Cash 8,000 16 November 01 320 > Mileage expense Cash 320 17 November 02 Cash 5,200 Computer services revenue 5,200 27 November 30 M. Arnold, Withdrawals 3,300 Cash 3,300 unat OLLUUNIL L ensure una ule juuriidi ennes are CUIRELL. Show less Arnold Computing Trial Balance November 30, 2021 Account Title Debit Credit $ 91,646 10,600 4,300 2,400 4,800 14,000 21.900 Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent Office equipment Computer equipment M. Arnold, Capital M. Arnold, Withdrawals Computer services revenue Wages expense Advertising expense Mileage expense Miscellaneous expenses Repairs exponse - Computer Total 137.900 11,300 31,200 3,150 2.300 704 600 1,400 169,100 $ $ 169,100 Arnold Computing Income Statement For Two Months Ended November 30 Revenues: Computer services revenue 31,200 $ 31,200 Total revenues Expenses: Wages expense Advertising expense Repairs expense - Computer Mileage expense Miscellaneous expenses 3,150 2,300 1,400 704 600 Total expenses Net income 8,154 23,046 $ Using the dropdown buttons, select the financial statement elements and account title balance sheet. The account balances will automatically populate. Arnold Computing Balance Sheet November 30 Assets: Cash Accounts receivable Computer supplies Prepaid insurance Prepaid rent 91,646 10,600 4,300 2,400 4,800 $ $ 113,746 0 Total Assets Liabilities: Accounts payable Total Liabilities Owner's Equity: M. Arnold, Capital $ 0 149,646 Total Equity 149,646 $ 149,646 Statement Owners Equity Impact on Equity> Impact on Equity Increased equity - Owner investment $ 137 900 + Decreased equity - Expenso 0 No change in equity 0 Decreased equity - Expense 0 Increased equity - Revenue > 6,700 No change in equity > 0 Transaction October 1) M. Arnold invested $102,000 cash, a $21,900 computer system, and $14,000 of office equipment in the company October 2) The company paid $4,800 cash for four months rent. The company's policy is to record prepaid expenses in balance sheet accounts.) October 3) The company purchased $2,400 of computer supplies on credit from Potter Office Products October 5) The company paid $2,400 cash for one year's premium on a property and liability insurance policy. (The company's policy is to record prepaid expenses in balance shoot accounts) October 6) The company billed Clark Leasing $6,700 for services performed in installing a new web server. October 8) The company paid $2,400 cash for the computer supplies purchased from Potter Office Products on October 3 October 10) The company hired Ronnie Arnold as a part time assistant October 12) The company billed Clark Leasing another $5,200 for services performed October 15) The company received $6,700 cash from Clark Leasing as partial payment on its account October 17) The company paid $1,400 cash to repair computer equipment that was damaged when moving it October 20) The company paid $2,300 cash for advertisements published in the local newspaper October 22) The company received $5,200 cash from Clark Leasing on its account. October 28) The company billed ABC Company 55,800 for services performed October 31) The company paid $1,050 cash for Ronnie Arnold's wages for seven days' work October 31) M. Arnold withdrew $8,000 cash from the company for personal use. 0 3 0 8 0 > $ (1.400) No change in equity No change in equity Increased equity - Revenue Decreased equity - Expense Decreased equity - Expense No change in equity Increased equity - Revenue Decreased equity - Expense Decreased equity - Owner withdrawal (2.300) 0 5,800 (1.050) (8,000) > (320) 5,200 0 2.300 > 0 3,500 November 1) The company reimbursed M. Arnold in cash for business automobile mileage allowance (Arnold logged Decreased equity - Expense 1.000 miles at $0.32 per mile). November 2) The company received $5,200 cash from Hughes Corporation for computer services performed Increased equity - Revenue November 5) The company purchased computer supplies for $1,900 cash from Potter Office Products No change in equity November 8) The company billed Porter Company $2,300 for services performed. Increased equity - Revenue November 13) The company agreed to perform future services for Green Engineering Company. No work has yet No change in equity been performed November 18) The company received $3,500 cash from ABC Company as partial payment of the October 28 bill. Increased equity - Revenue November 22), The company paid $600 cash for miscellaneous expenses. Hint: Debit Miscellaneous Decreased equity - Expense Expense for $600. November 24) The company completed work for Green Engineering Company and sentit a bill for $6,000 Increased equity - Revenue November 25) The company sent another bill to ABC No change in equity Company for the past-due amount of $2,300 November 28) The company reimbursed M. Arnold in cash for business automobile mileage (1,200 miles at $0.32 per Decreased equity - Expense mile) November 30) The company paid $2,100 cash for Ronnie Decreased equity - Expense Arnold's wages for 14 days' work. November 30) M. Amold withdrew $3,300 cash from the Decreased equity - Owner company for personal use. withdrawal Total impact on equity What is the balance in the owner's capital account as reported on the balance sheet? (600) > 6,000 0 (384) (2.100) s s (3,300) 147.946 142,446 X