On October 1, 2017, Jim Kennedy launched a computer services company called Clear Choice, which provides consulting services, computer system installations, and custom program development. Kennedy adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2017 Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Oct. 1 J. Kennedy invested $63,000 cash, a $20,600 computer system, and $12,000 of office equipment in the company. Oct. 2 The company paid $3,300 cash for four months' rent. (The company's policy is to record prepaid expenses in balance sheet accounts.) Oct. 3 The company purchased $2,000 of computer supplies on credit from Mang Office Products. Oct. 5 The company paid $3,400 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.) Oct. 6 The company Hilled Smith Leasing $5,400 for services performed in installing a new web server. Oct. The company paid $2,000 cash for the computer supplies purchased from Mang Office Products on October 3. Oct. 10 The company hired Jeanne Kennedy as a part-time assistant for $125 per day, as needed. Oct. 12 The company billed Smith Leasing another $2,600 for services performed. Det. 15 The company received $5,400 cash from Smith Leasing a partial payment on its account. Oot. 17 The company paid $1,200 cash to repair computer equipment that was damaged when moving it Oct. 20 The company paid $2,100 cash for advertisements published in the local newspaper. Det. 22 The company received $2,600 cash from Smith Leasing on ita account Oct. 28 The company billed ITH Company 35,600 for services performed. Oot. 31 The company paid $875 cash for Jeanne Kennedy's wages for seven days' work. Oct. 31 J. Kennedy withdrew $6,000 cash from the company for personal use. Nov. 1 The company reimbursed J. Kennedy in cash for business automobile mileage allowance (Kennedy logged 1,000 miles at 90.32 per mile). Nov. 2 The company received $5,000 cash from Kelley Corporation for computer services performed. Nov. 5 The company purchased computer supplies for $1,700 cash from Mang Ortles Products Nov. The company billed Perry Co. $2,200 for services performed Nov. 13 The company received notification from Aloan Engineering Co. that clear Choice! bid ot 34,550 for an upcoming project is accepted. Nov. 18 The company received $3,400 cash from IFM Company as partial payment of the October 28 bill. Nov. 22 The company donated $300 cash to the United Way in the company's name. Nov. 24 The company completed work for Aloan Engineering Co. and sentit a bill for $5,700. Nov. 25 The company sent another bill to ITM Company for the past-due amount of $2,200. Nov. 28 The company reimbursed J. Kennedy in cash for business automobile mileage (1,200 miles at $0.32 per mile). Nov. 30 The company paid $1,750 cash for Jeanne Kennedy's wages for 14 days work. Nov. 30 J. Kennedy withdrew $3,400 cash from the company for personal use. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Impact on Equity General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger General Ledger Tab - To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Abnormal balances appear in parentheses. Click on any amount to see the underlying journal entry. Trial Balance Tab - A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. If your trial balance doesn't balance, review your journal entries on the general journal tab. Income Statement Tab - Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. Statement of Owner's Equity Tab - Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the owner's capital balance. Balance Sheet Tab - Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate. Impact on Equity Tab - Using the dropdown buttons, indicate the impact each item has, on total equity. Compare the total with the amount of equity reported on the balance sheet