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please help explain how to answer the income statement, balance sheet, and impact of equity. thank you!! GLO207 (Algo) - Based on Problem 2-4A LO
please help explain how to answer the income statement, balance sheet, and impact of equity. thank you!!
GLO207 (Algo) - Based on Problem 2-4A LO A1, P1 Business transactions completed by Melanle Duerr during the month of September are as follows. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements September 1 Duerr invested $135,000 canh along with office equipment valued at $27,500 in a new sole proprietorship named MD Consulting. September 3 The company purchased land valued at $42.000 and a building valued at $162,500. The purchase is paid with $32,500 cash and a long-term note payable for $172,000. September 5 The company purchased $4,500 of office supplies on credit. September 7 Duerr invested a personal automobile in the company. The automobile has a value of $21,500 and is to be used exclunively in the business. September 9 The company purchased $9,500 of additional office equipment on credit. September 11 The company paid $2,400 canh salary to an assistant. September 13 The company provided services to a client and collected $6,400 cash. September 15 The company paid $800 cash for this month's utilities. September 17 The company paid $4,500 cash to settle the account payable created on September 5. September 19 The company purchased $20,400 of new office equipment by paying $20,400 cash. September 21 The company completed $6,400 of services for a client, who must pay within 30 days. September 23 The company paid $2,400 cash salary to an assistant. September 25 The company received $4,000 canh in partial payment on the receivable created on September 21. September 27 Duerr withdrew $2,900 cash from the company for personal use. General Journal General Ledger Income Statement Requirement Trial Balance Statement Owners Equity Balance Sheet Impact on Equity 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. General General Income Statement Requirement Trial Balance Balar Journal Ledger Statement Owners Equity Using the dropdown buttons, select the financial statement elements and account titi statement. The account balances will automatically populate. MD Consulting Income Statement For Month Ended September 30 PS Step by Step Solution
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