Michael Masters opens a web consulting business called Business Mastery 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. Apr. 1 Masters invested $161,000 cash along with office equipment valued at $39,500 in the company in exchange for common stock. Apr. 2 The company prepaid $25,200 cash for 12 months' rent for office space. The company's polity is to record prepaid expenses in balance sheet accounts. Apr. 3 The company made credit purchases for $10,700 in office equipment and $6,300 in office supplies. Payment is due within 18 days. Apr. 6 The company completed services for a client and immediately received $12,100 cash. Apr. 9 The company completed a $19,500 project for a client, who must pay within 30 days. Apr. 13 The company paid $17,000 cash to settle the account payable created on April 3. Apr. 19 The company paid $8,880 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Apr. 22 The company received $11,700 cash as partial payment for the work completed on April 9. Apr. 25 The company completed work for another client for $6,500 on credit. Apr. 28 The company paid $5,800 cash in dividends. Apr. 29 The company purchased $3,300 of additional office supplies on credit. Apr. 30 The company paid $2,500 cash for this month's utility bill.