James Drake opens a web consulting business called Drake Consulting and completes the following transactions in March Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Mar. 1 Drake invested $222,000 cash along with $24,400 in office equipment in the company in exchange for common stock. Mar. 2 The company prepaid $6,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 3 The company made credit purchases of office equipment for $5,400 and office supplies for $3,600. Payment is due within 10 days. Mar. 6 The cd pany completed services for a client and immediately received $6,400 cash. Mar. 9 The company completed a $9,900 project for a client, who must pay within 30 days. Mar. 12 The company paid $9,000 cash to settle the account payable created on March 3. Mar. 19. The company paid $8,700 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts.. Mar. 22 The company received $5,900 cash as partial payment for the work completed on March 9. Mar. 25 The company completed work for another client for $6,300 on credit. Mar. 29 The company paid $5,100 cash in dividends. Mar. 30 The company purchased $600 of additional office supplies on credit. Mar. 31 The company paid $500 cash for this month's utility bill.