Need the Financial Statement Impact filled out
December 1 on December 1, Ivan Kuhl forms a consulting business, named Photo Sense. Photo Sense receives $44,000 cash Financial Statement Impact l as an owner contribution. December 2 Photo Sense pays $3,200 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 Photo Sense pays $40,000 cash for equipment. December 4 Photo Sense purchases $8,200 of supplies on credit from a supplier, CalTech Supply. December 5 Photo Sense provides consulting services and immediately collects $4,900 cash. December 6 Photo Sense pays $1,700 cash for December rent. December 7 Photo Sense pays $1,400 cash for employee salary. December 8 Photo Sense provides consulting services of $2,300 and rents its test facilities for $1,000. The customer is billed $3,300 for these services. December 9 Photo Sense receives $3,300 cash from the client billed on December 8. December 10 Photo Sense pays CalTech Supply $1,600 cash as partial payment for its December 4 $8,200 purchase of supplies. December 11 Ivan Kuhl withdraws $900 cash from Photo Sense for personal use. December 12 Photo Sense receives $3,700 cash in advance of providing consulting services to a customer. The company's policy is to record fees collected in advance in a balance sheet account. December 13 Photo Sense pays $3,100 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. The company's policy is to record all prepaid expenses in a balance sheet account. December 14 Photo Sense pays $820 cash for supplies. December 15 Photo Sense pays $1,005 cash for December utilities expense. December 16 Photo Sense pays $1,050 cash in employee salary for work performed in the latter part of December. Transaction: Net Income Total Assets Total Liabilities Total Equity $ 0 $ 44,000 $ 0 $ 44,000 0 0 44,000 44,000 44,000 44,000 0 0 Where can you go to find each of your answers? December 1 - Photo Sense receives $44,000 cash from Ivan Kuhl as an owner contribution. December 2 - Pays $3,200 cash for supplies. December 3 - Pays $40,000 cash for equipment. December 4 - Purchases $8,200 of supplies on credit from a supplier. December 5 - Provides consulting services and immediately collects $4,900 cash. December 6 - Pays $1,700 cash for December rent. December 7 - Pays $1,400 cash for employee salary. December 8 - Provides consulting services of $2,300 and rents its test facilities for $1,000. The customer is billed $3,300 for these services. December 9 - Receives $3,300 cash from the client billed on December 8. December 10 - Pays CalTech Supply $1,600 cash toward the payable from December 4. December 11 - Ivan Kuhl withdraws $900 cash for personal use. December 12 - Receives $3,700 cash in advance of providing consulting services to a customer. December 13 - Pays $3,100 cash insurance premium) for a 24-month insurance policy. Coverage begins on December 1. December 14 - Pays $820 cash for supplies. December 15- Pays $1,005 cash for December utilities expense. December 16 - Pays $1,050 cash in employee salary for work performed in the latter part of December
