Jim Carey opens a web consulting business called Forever Fitness 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. April 1 Carey invested $155,000 cash along with office equipment valued at $38,500 in the company in exchange for common stock. April 2 The company prepaid $24,000 cash for 12 months' rent for office space. The company's policy is to record prepaid expenses in balance sheet accounts. April 3 The company made credit purchases for $10,500 in office equipment and $6,100 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $11,500 cash. April 9 The company completed a $18,500 project for a client, who must pay within 30 days. April 13 The company paid $16,600 cash to settle the account payable created on April 3 . April 19 The company paid $8,400 cash for the premium on a 12 -month prepaid insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. April 22 The company received $11,100 cash as partial payment for the work completed on April 9 . April 25 The company completed work for another client for $6,400 on credit. April 28 The company paid $5,600 cash in dividends. April 29 The company purchased $3,100 of additional office supplies on credit. April 30 The company paid $2,100 cash for this month's utility bill. 1 April 1) Carey invested $155,000 cash along with office equipment valued at $38,500 in the company in exchange for common stock. April 2) The company prepaid $24,000 cash for 12 months' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. April 3) The company made credit purchases for $10,500 in office equipment and $6,100 in office supplies. Payment is due within 10 days. April 6) The company completed services for a client and immediately received $11,500 cash. 5 April 9) The company completed a $18,500 project for a client, who must pay within 30 days. 6 April 13) The company paid $16,600 cash to settle the account payable created on April 3. 7 April 19) The company paid $8,400 cash for the premium on a 12-month prepaid insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. 8 April 22) The company received $11,100 cash as partial payment for the work completed on April 9. 9 April 25) The company completed work for another client for $6,400 on credit. 10 April 28) The company paid $5,600 cash in dividends. 11 April 29) The company purchased $3,100 of additional office supplies on credit. 12 April 30) The company paid $2,100 cash for this month's utility bill. An income statement reports the changes in equity attributable to the operation of the busir Revenues increase equity, and expenses decrease equity. Review the statement of retained earnings and indicate how the statement is linked Balance Sheet PSimpact > Jim Carey opens a web consulting business called Forever Fitness 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. April 1 Carey invested $155,000 cash along with office equipment valued at $38,500 in the company in exchange for common stock. April 2 The company prepaid $24,000 cash for 12 months' rent for office space. The company's policy is to record prepaid expenses in balance sheet accounts. April 3 The company made credit purchases for $10,500 in office equipment and $6,100 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $11,500 cash. April 9 The company completed a $18,500 project for a client, who must pay within 30 days. April 13 The company paid $16,600 cash to settle the account payable created on April 3 . April 19 The company paid $8,400 cash for the premium on a 12 -month prepaid insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. April 22 The company received $11,100 cash as partial payment for the work completed on April 9 . April 25 The company completed work for another client for $6,400 on credit. April 28 The company paid $5,600 cash in dividends. April 29 The company purchased $3,100 of additional office supplies on credit. April 30 The company paid $2,100 cash for this month's utility bill. 1 April 1) Carey invested $155,000 cash along with office equipment valued at $38,500 in the company in exchange for common stock. April 2) The company prepaid $24,000 cash for 12 months' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. April 3) The company made credit purchases for $10,500 in office equipment and $6,100 in office supplies. Payment is due within 10 days. April 6) The company completed services for a client and immediately received $11,500 cash. 5 April 9) The company completed a $18,500 project for a client, who must pay within 30 days. 6 April 13) The company paid $16,600 cash to settle the account payable created on April 3. 7 April 19) The company paid $8,400 cash for the premium on a 12-month prepaid insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. 8 April 22) The company received $11,100 cash as partial payment for the work completed on April 9. 9 April 25) The company completed work for another client for $6,400 on credit. 10 April 28) The company paid $5,600 cash in dividends. 11 April 29) The company purchased $3,100 of additional office supplies on credit. 12 April 30) The company paid $2,100 cash for this month's utility bill. An income statement reports the changes in equity attributable to the operation of the busir Revenues increase equity, and expenses decrease equity. Review the statement of retained earnings and indicate how the statement is linked Balance Sheet PSimpact >