Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Hi can i get help with FS IMpact can you you broke it down for me on how to cumulative amount Prepare journal entries for
Hi can i get help with FS IMpact can you you broke it down for me on how to cumulative amount
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. January 1 H. Lee, owner, invested $130,758 cash in the company in exchange for common stock. January 2 The company purchased supplies for $2,250 cash. January 3 The company purchased $14,050 of equipment on credit. January 4 The company received $17,500 cash for services provided to a customer. January 5 The company paid $14,850 cash to settle the payable for the equipment purchased on January 3. January 6 The company billed a customer $3,700 for services provided. January 7 The company paid $2,225 cash for the monthly rent. January 8 The company collected $1,875 cash as partial payment for the account receivable created on January 6. January 9 The company paid $11,080 cash in dividends to the owner (sole shareholder). General General Requirement Income Trial Balance St Retained Journal Ledger Statement Balance Sheet FS Impact Earnings 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 Labilities, and d) Total Equity that would be remorted on the financial statements immediately after each transaction is recorded. (Hint: You can check your work by select date on the trial balance tab.) The first 2 transactions are completed for you! Show less Transaction: Net Income Total Assets Total Liabilities Total Equity $ 0$ 130,750 $ 0 $ 130,750 0 130,750 0 130,750 0 14,050 17,500 Where can you go to find each of your answers? January 1 - H. Lee, owner, invested $130,750 cash in the company in exchange for common stock January 2 - The company purchased supplies for $2250 cash January 3 - The company purchased $14,050 of equipment on credit January 4. The company received $17.500 cash for services provided to a customer January 5 - The company paid $14,050 cash to settle the payable for the equipment purchased on January 3. January 6 - The company billed a customer $3.700 for services provided Jan 7 - The company paid $2,225 cash for the monthly rent. January 8 - The company collected $1,875 cash as partial payment for the account receivable created on January 6 January 9 - The company paid $11.000 cash in dividends to the owner (solo shareholder) 17,500 21,200 18,975 18.975 18,975 Please verify that each of your final amounts agrees with the financial statements as of, or for the month ended, January 31. Prev 1 of 1 Next 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