On October $1,2026,$ Molly Meng launched a computer services company called OnPoint, which provides consulting services, computer system installations, and custom program development. Meng adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December $31,2026.$

Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements.

October $1$ M$.$ Meng invested $$51,000$ cash, a $$20,200$ computer system, and $$12,000$ of office equipment in the company in exchange for common stock.

October $2$ The company paid $$3,900$ cash for four months' rent. $($The company's policy is to record prepaid expenses in balance sheet accounts.$)$

October $3$ The cempany purchased $$1,800$ of computer supplies on credit from Brady Office Products.

October $5$ The cempany paid $$2,600$ cash for one year's premium on a property and liability insurance policy. $($The company's policy is to record prepaid expenses in balance sheet accounts.$)$

October $6$ The company billed Jones Leasing $$5,000$ for services performed in installing a new web server.

October $8$ The company paid $$1,800$ cash for the computer supplies purchased from Brady Office Products on October $3.$

October $10$ The company hired Marion Meng as a part$-$time assistant.

October $12$ The company billed Jones Leasing another $$1,800$ for services performed.

October $15$ The company received $$5,000$ cash from Jones Leasing as partial payment on its account.

October $17$ The company paid $$1,200$ cash to repair computer equipment that was damaged when moving it$.$

October $20$ The company paid $$2,100$ cash for advertisements published in the local newspaper.

October $22$ The company received $$1,800$ cash from Jones Leasing on its account.

October $28$ The company billed DEF Company $$5,600$ for services performed.

October $31$ The company paid $$1,225$ cash for Marion Meng's wages for seven days' work.

October $31$ The company paid a $$5,000$ cash dividend.

November $1$ The company paid $$320$ cash for mileage expenses.

November $2.$ The company received $$5,000$ cash from Kennedy Corporation for computer services performed.

November $5$ The company purchased computer supplies for $$1,300$ cash from Brady Office Products.

November $8$ The company billed Ryan Company $$2,200$ for services performed.

November $13$ The company agreed to perform future services for Kuhl Engineering Company No work has yet been performed.

November $18$ The company received $$3,400$ cash from DEF Company as partial payment of the October $28$ bill.

November $22$ The company paid $$400$ cash for miscellaneous expenses. Hint: Debit Miscellaneous Expense for $$400.$

November $24$ The company completed work for Kuhl Engineering Company and sent it a bill for $$4,500.$

November $25$ The company sent another bill to DEF Company for the past$-$due amount of $$2,200.$

November $28$ The company paid $$384$ cash for mileage expenses.

November $30$ The company paid $$2,450$ cash for Marion Meng's wages for $14$ days' work.

November $30$ The company paid a $$2,700$ cash dividend.

Requirement

General

General

Income

St Retained

Trial Balance

Statement

Earnings

Balance Sheet

Impact on

Equity

Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of OnPoint, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger and the Trial Balance as soon as you click "Record Entry". If no journal entry is required, select $"$No journal entry required" in the first account field.

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