n Fox opens a web consulting business called Take Wings and completes the following transactions in its first month of ope pare journal entries for each transaction and identify the financial statement impact of each entry. e financial statements are automatically generated based on the journal entries recorded. H. r. pr. pr. 1 Fox invested $128,000 cash along with office equipment valued at $34,000 in the company. 2 The company prepaid $18,600 cash for 12 months rent for office space. The company's policy is record prep- expenses in balance sheet accounts. 3 The company made credit purchases for $9,600 in office equipment and $5,200 in office supplies. Payment is within 10 days. 6 The company completed services for a client and immediately received $8,800 cash. pr. 9 The company completed a $14,000 project for a client, who must pay within 30 days. Apr. 13 The company paid $14,800 cash to settle the account payable created on April 3.1 Apr. 19 The company paid $6,240 cash for the premium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 22 The company received $8,400 cash as partial payment for the work completed on April 9. Apr. 25 The company completed work for another client for $5,500 on credit. Apr. 28 Fox withdrew $5,500 cash from the company for personal use. Apr. 29 The company purchased $2,200 of additional office supplies on credit. Apr. 30 The company paid $3,500 cash for this month's utility bill. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet 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. Take Wings Company Statement of Owner's Equity For Month Ended April 30, 2019 J. Fox, Capital, April 1, 2019 $ Add: Owner investments Add: Net income Less: Withdrawals by owner J. Fox, Capital, April 30, 2019 128,000 10,500 (5,500) $ 133,000 Ending capital is transferred to the The financial statements are automatically generated based on the journal entries recorded. Apr. 1 Fox invested $128,000 cash along with office equipment valued at $34,000 in the compan Apr. 2 The company prepaid $18,600 cash for 12 months' rent for office space. The company's p expenses in balance sheet accounts. Apr. 3 The company made credit purchases for $9,600 in office equipment and $5,200 in office within 10 days.. Apr. 6 The company completed services for a client and immediately received $8,800 cash. Apr. 9 The company completed a $14,000 project for a client, who must pay within 30 days. Apr. 13 The company paid $14,800 cash to settle the account payable created on April 3. Apr. 19 The company paid $6,240 cash for the premium on a 12-month insurance policy. The company prepaid expenses in balance sheet accounts. Apr. 22 The company received $8,400 cash as partial payment for the work completed on April 9. Apr. 25 The company completed work for another client for $5,500 on credit. Apr. 28 Fox withdrew $5,500 cash from the company for personal use. Apr. 29 The company purchased $2,200 of additional office supplies on credit. Apr. 30 The company paid $3,500 cash for this month's utility bill. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet The balance sheet is the accounting equation: Assets Liabilities + Equity. Each asset and liability account is rep separately on the balance sheet. Equity includes the ending capital balance from the Statement of Owner's Equity Take Wings Company Balance Sheet Cash Accounts receivable Office supplies Prepaid insurance Prepaid rent Office equipment Total assets April 30, 2019 Assets s 130,560 10,700 F 7,400 D 24,840 0 D (24,400) $ 149.100 Liabilities Accounts payable s 2,200 Total liabilities 2.200 Equity J. Fox, Capital 133,000 Total equity 133,000 Total liabilities and equity $ 135,200 The balance in Fox's capital account comes from the