On October 1, 2021, Ivan Kuhl launched a computer services company called Streamlined Solutions, which provides consulting services, computer system Installations, and custom program development. Kuhl adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on December 31, 2021. Using the following transactions, record Journal entries, create financial statements, and assess the impact of each transaction on the financial statements. October 1 I. Kuhl invested $66,888 cash, a $20,708 computer system, and $14,000 of office equipment in the company. October 2 The company paid $3,300 cash for four months' rent. The company's policy is to record prepaid expenses in balance sheet accounts.) October 3 The company purchased $2,200 of computer supplies on credit from Egert Office Products. October 5 The company paid $3,600 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 Meng Leasing $5,500 for services performed in installing a new web server. October 8 The company paid $2,200 cash for the computer supplies purchased from Egert Office Products on October 3. October 18 The company hired Deb Kuhl as a part-time assistant. October 12 The company billed Meng Leasing another $2,800 for services performed. October 15 The company received $5,500 cash from Meng Leasing as partial payment on its account. October 17 The company paid $1,480 cash to repair computer equipment that was damaged when moving it. October 20 The company paid $2,380 cash for advertisements published in the local newspaper. October 22 The company received $2,800 cash from Meng Leasing on its account. October 28 The company billed ABC Company $5,800 for services performed. October 31 The company paid $1,650 cash for Deb Kuhl's wages for seven days' work. October 31 I. Kuhl withdrew $6,888 cash from the company for personal use. November 1 The company reimbursed I. Kuhl in cash for business automobile mileage allowance (Kuhl logged 1,eee miles at $2.32 per mile). November 2 The company received $5,200 cash from Aloan Corporation for computer services performed. November 5 The company purchased computer supplies for $1,888 cash from Egert Office Products. November 8 The company billed Miller Company $2,300 for services performed. November 13 The company agreed to perform future services for Perry Engineering Company. No work has yet been performed. November 18 The company received $3,500 cash from ABC Company as partial payment of the October 28 bill. November 22 The company paid $400 cash for miscellaneous expenses. Hint: Debit Miscellaneous Expense for $480. November 24 The company completed work for Perry Engineering Company and sent it a bill for $6,eee. November 25 The company sent another bill to ABC Company for the past-due amount of $2,300. November 28 The company reimbursed I. Kuhl in cash for business automobile mileage (1,200 miles at $8.32 per mile). November 30 The company paid $2,188 cash for Deb Kuhl's wages for 14 days' work. November 30 I. Kuhl withdrew $3,400 cash from the company for personal use. General General Income Statement Requirement Journal Trial Balance Ledger Impact on Statement Owners Equity Balance Sheet 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. Requirement General Journal >