Karla Tanner obens a web consulting business called Linkworks 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 Taninen Invested $88,600 cash along with office equipent valued at $26, 600 in the company. Apri1 2 The company prepaid 59,000 cash for 12 months' rent for office space. The company '5 policy is record prepaid expenses in balance sheet accounts. Aperi1 3 The company tade credit purchases for $8,600 in office equipeent and $3,600 in office supplies. Payment is tue within 10 days. Aprit 6 The company coepleted services for a client and imediately received 54,000 cash. Apri1 9 The company completed a 56,000 project for a client, who nust pay within 30 days. April 13. The conpany paid $11,600 cash to settle the account payable created on Apri1 3. Agri1. 19 The company paid 52,400 cash for the premiun on a 12 - month insurance policy. The coepany's policy is to record prepaid expenses in balance sheet accounts. Aoni1 22 The conpany received \$4, 40e cash as partial paysent for the work completed on April 9. Apri1 25 The conpany conpleted work for another c11ent for $2,890 on credit. Apri1 28 Tanner withdren $5,590 cash fron the company for personal use. Apr11 29 The company parchasid 5600 of additional office supplies on credit. Apri1 30 The company paid S4 35 cash for this month?s utility bi11. General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. General Ledger Tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, dick on the General Ledger tab. Trial Balance Tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Income Statement Tab - The revenue and expense balances from the trial balance appear on the income statement, along with their balance as of the date selected. Review the income statement and indicate how the income statement is linked to the other financial statements. Statement of Owner's Equity Tab - Owner investments and withdrawals, as reported on the trial balance, appear on the statement of owner's equity. Review the statement of owner's equity and indicate how the statement of owner's equity is linked to the other financial statements. Balance Sheet Tab - Each asset and liability account balance, as reported on the trial balance, appears on the balance sheet, along with the ending capital balance. Review the balance sheet and then indicate how the balance sheet is linked to the other financial statements. Financial Statement Impact Tab It is important to be able to identify the impact each transaction has on the financial statements. For each of the transactions, indicate the cumulative amount of net income, total assets, total liabilities and total equity that would appear on the financial statements immediately after each transaction is recorded. An income statement reports the changes in equity attributable to the operation of the business during a specific time perio Revenues increase equity, and expenses decrease equity. April 30 The company paid $435 cash for this month's utility bill. There are four subsets of equity: Investments by owners, withdrawals by owners, revenues and expenses. All four subsets are compiled in the Capital account at the end of the period. The ending capital balance is transferred to the equity section of the balance sheet. The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and fiability account is reported separately on the balance shect. Equity includes the ending capital balance from the Statement of Owner's Equily. The financial statements repoct 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 thuity that would be reported on the financial statements imenediately after each transaction is recorded. (Mintt You can check your work by selecting the date on the trial balance tab.) The first two transactions are completed for youl