March 1 Byrnes invested $177,600 cash along with $22,906 in office equipment in the company in exchange for common stock. March 2 The company prepaid $8,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. March 3 The company made credit purchases of office equipment for $3,900 and office supplies for $2,160. Payment is due within 10 days. March 6 The company conpleted services for a client and immediately received $4,900 cash. Karch 9 The company completed a $8,460 project for a client, who must pay with in 30 days. March 12 The company paid $6,000 cash to settle the account payable created on March 3. March 19 The company paid $5,900 cash for the premiun on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. March 22 The conpany received $5,680 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $4,800 on credit. March 29 The company paid $5,200 cash in dividends. March 30 The conpany purchased $700 of additional office supplies on credit. Narch 31 The company paid $600 cash for this month's utility bill. General Journal Tab - For each transacttin, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger. General Ledger Tab - To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Abnomal balances appear in parentheses. Click on any amount to see the underlying joumal entry. Trial Balance Tab - A trial balance lists each account from the General Ledger, along with its balance, elther a debit or a credit. Total debits should always equal total credits. If your trial balance doesn't balance, review your joumal entries on the general journal tab. Income Statement Tab - Using the dropdown buttons, select the financial statement elements and account tities to be included on the income statement. The account balances will automatically populate. Statement of Retained Earnings Tab - Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the retained earnings balance. Balance Sheet Tab - Using the dropdown buttons, select the financlal statement elements and account titles to be included on the balance sheet. The account balances will automatically populate. Impact on Equity Tab - Using the dropdown buttons, Indicate the impact each item has on total equity, Compare the total with the amount of equity reported on the balance stieet
