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1) I am not mathematically inclined so I am not sure if I need to refer back to the General Journal to put the amount of $2,550 for office supplies so that hopefully it will be added under the Expenses on the Income Statement with the Rent Expenses so the total expenses will add up to the $5,075 and then subtract from the total revenues so it will equal $17,025 for the Net Income.

2) It is also having an affect on the Statement of Owner's Equity because the net income is showing $19,575 when it should be the figure you came up with which is $17,025.

3) On the Balance Sheet, I am not sure how to remove the Office Supplies amount for $2,550 so the total assets & total liabilities & Equity will read $145,275. Sorry for so much trouble. Can you look up the previous problem that I took all the pictures from? If not, it is the McGraw Hill book ACC\290T: Principles of Accounting I Week 3-Practice: Connect Knowledge Check

I believe the problem is with the General Journal with the Office Supplies for $2,550, but I can't figure it out. Anyway, it is causing the Income Statement, Statement of Owner's Equity and the Balance Sheet to be wrong. If you could please correct the General Journal, I think that should correct the problem on those three documents. Thank you.

2 GLO202 (No Analysis Tab) - Based on Exercise 2-9 LO A1 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. Jan. 1 Greg Taylor, owner, invested $139,750 cash in the company. Jan. 2 The company purchased office supplies for $2,558 cash. Jan. 3 The company purchased $12,058 of office equipment on credit. Jan. 4. The company received $18, 100 cash as fees for services provided to a customer. Jan. 5 The company paid $12,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 The company billed a customer $4,000 as fees for services provided. Jan. 7 The company paid $2,525 cash for the monthly rent. Dan. 8 The company collected $2,100 cash as partial payment for the account receivable created on January 6. Dan. 9 Greg Taylor withdrew $11,500 cash from the company for personal use. Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the X Answer is not complete. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of the Taylor Company, entering the debits before the credits. Each transaction will automatically posted to the General Ledger and the Trial Balance as soon as you click "Record Entry". No Date Account Title Debit Credit 1 Jan 01 Cash 139.750 G. Taylor, Capital 139.750 2 Jan 02 Office supplies 2.550 Cash 2.550 3 Jan 03 12,050 Office equipment IT a e to search @ @ 99+ ork mode : This shows what is correct or incorrect for the work you have completed nai entry must keep the accounting equation in Dala e. Prepare he journal entries TO ons of the Taylor Company, entering the debits before the credits. Each transaction the General Ledger and the Trial Balance as soon as you click "Record Entry". Date Account Title Debit Jan 01 Cash 139,750 G. Taylor, Capital 2,550 Jan 02 Office supplies Cash 12,050 Jan 03 Office equipment Accounts payable 18,100 Jan 04 Cash Fees earned 12.050 Jan 05 Accounts payable Cash 2 of 3 Next >