On October 1, 2021, Marion Hayes launched a computer services company called First Class Systems, which provides consulting services, computer system installations, and custom program development. Hayes adopts the calendar year for reporting purposes and expects to prepare the companys 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	M. Hayes invested $60,000 cash, a $20,500 computer system, and $10,000 of office equipment in the company.
October 2	The company paid $4,800 cash for four months rent. (The company's policy is to record prepaid expenses in balance sheet accounts.)
October 3	The company purchased $1,800 of computer supplies on credit from Smith Office Products.
October 5	The company paid $3,200 cash for one years 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 Jackson Leasing $5,300 for services performed in installing a new web server.
October 8	The company paid $1,800 cash for the computer supplies purchased from Smith Office Products on October 3.
October 10	The company hired John Hayes as a part-time assistant.
October 12	The company billed Jackson Leasing another $2,400 for services performed.
October 15	The company received $5,300 cash from Jackson Leasing as partial payment on its account.
October 17	The company paid $1,000 cash to repair computer equipment that was damaged when moving it.
October 20	The company paid $1,900 cash for advertisements published in the local newspaper.
October 22	The company received $2,400 cash from Jackson Leasing on its account.
October 28	The company billed RST Company $5,400 for services performed.
October 31	The company paid $1,750 cash for John Hayess wages for seven days work.
October 31	M. Hayes withdrew $5,000 cash from the company for personal use.
November 1	The company reimbursed M. Hayes in cash for business automobile mileage allowance (Hayes logged 1,000 miles at $0.32 per mile).
November 2	The company received $4,800 cash from Byrnes Corporation for computer services performed.
November 5	The company purchased computer supplies for $1,600 cash from Smith Office Products.
November 8	The company billed Aloan Company $2,200 for services performed.
November 13	The company agreed to perform future services for Kelley Engineering Company. No work has yet been performed.
November 18	The company received $3,200 cash from RST Company as partial payment of the October 28 bill.
November 22	The company paid $700 cash for miscellaneous expenses. Hint: Debit Miscellaneous Expense for $700.
November 24	The company completed work for Kelley Engineering Company and sent it a bill for $5,400.
November 25	The company sent another bill to RST Company for the past-due amount of $2,200.
November 28	The company reimbursed M. Hayes in cash for business automobile mileage (1,200 miles at $0.32 per mile).
November 30	The company paid $3,500 cash for John Hayess wages for 14 days work.
November 30	M. Hayes withdrew $2,400 cash from the company for personal use.

Requirement General Journal General Ledger Trial Balance Income Statement Statement 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. - -