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Plr Please help me with missing data and corrections. On October 1, 2021, Miguel Sanchez launched a computer services company called Sanchez Solutions, which provides
Plr
Please help me with missing data and corrections.
On October 1, 2021, Miguel Sanchez launched a computer services company called Sanchez Solutions, which provides consulting services, computer system installations, and custom program development. Sanchez 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 M. Sanchez invested $96,000 cash, a $21,700 computer system, and $10,000 of office equipment in the company. October 2 The company paid $4,200 cash for four months' rent. (The company's policy is to record prepaid expenses in balance sheet accounts.) October 3 The company purchased $2,000 of computer supplies on credit from Miller Office Products. October 5 The company paid $3,800 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 Perry Leasing $6,500 for services performed in installing a new web server. October 8 The company paid $2,000 cash for the computer supplies purchased from Miller Office Products on October 3. October 10 The company hired Laura Sanchez as a part-time assistant. October 12 The company billed Perry Leasing another $4,800 for services performed. October 15 The company received $6,500 cash from Perry 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 $4,800 cash from Perry 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 Laura Sanchez's wages for seven days' work. October 31 M. Sanchez withdrew $7,000 cash from the company for personal use. November 1 The company reimbursed M. Sanchez in cash for business automobile mileage allowance (Sanchez logged 1,000 miles at $0.32 per mile). November 2 The company received $4,800 cash from Fields Corporation for computer services performed. November 5 The company purchased computer supplies for $1,700 cash from Miller Office Products. November 8 The company billed Hughes Company $2,200 for services performed. November 13 The company agreed to perform future services for Walsh 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 $400 cash for miscellaneous expenses. Hint: Debit Miscellaneous Expense for $400. November 24 The company completed work for Walsh Engineering Company and sent it 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. Sanchez in cash for business automobile mileage (1,200 miles at $0.32 per mile). November 30 The company paid $3,500 cash for Laura Sanchez's wages for 14 days' work. November 30 M. Sanchez withdrew $2,400 cash from the company for personal use. Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of Sanchez Solutions, 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. Show less View transaction list Journal entry worksheet October 1) M. Sanchez invested $96,000 cash, a $21,700 computer system, and $10,000 of office equipment in the company. Note: Enter debits before credits. Credit Date Account Title October 01 Cash Office equipment Computer equipment M. Sanchez, Capital Debit 96,000 10,000 21,700 127,700 Record entry Clear entry View general journal November 28 The company reimbursed M. Sanchez in cash for business automobile mileage (1,200 miles at $0.32 per mile). November 30 The company paid $3,500 cash for Laura Sanchez's wages for 14 days' work. November 30 M. Sanchez 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 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. Sanchez Solutions Income Statement For Two Months Ended November 30 Assets: Liabilities: Net income November 28 The company reimbursed M. Sanchez in cash for business automobile mileage (1,200 miles at $0.32 per mile). November 30 The company paid $3,500 cash for Laura Sanchez's wages for 14 days' work. November 30 M. Sanchez 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 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. Sanchez Solutions Balance Sheet November 30 Accounts payable 0 $ 0 Show less $ 127,700 0 0 0 0 0 0 0 Transaction Impact on Equity October 1) M. Sanchez invested $96,000 cash, a $21,700 computer system, and $10,000 of office equipment in the Increased equity - Owner investment company October 2) The company paid $4,200 cash for four months' rent. (The company's policy is to record prepaid expenses in No change in equity balance sheet accounts.) October 3) The company purchased $2,000 of computer Decreased equity - Expense supplies on credit from Miller Office Products. October 5) The company paid $3,800 cash for one year's premium on a property and liability insurance policy. (The Decreased equity - Expense company's policy is to record prepaid expenses in balance sheet accounts.) October 6) The company billed Perry Leasing $6,500 for services performed in installing a new web server. No change in equity October 8) The company paid $2,000 cash for the computer supplies purchased from Miller Office Products on October 3 Decreased equity - Expense October 10) The company hired Laura Sanchez as a part-time No change in equity assistant October 12) The company billed Perry Leasing another $4,800 No change in equity for services performed. October 15) The company received $6,500 cash from Perry Leasing as partial payment on its account. Increased equity - Revenue October 17) The company paid $1,000 cash to repair computer Decreased equity - Expense equipment that was damaged when moving it. October 20) The company paid $1,900 cash for Decreased equity - Expense advertisements published in the local newspaper. October 22) The company received $4,800 cash from Perry Leasing on its account. Increased equity - Revenue casing October 28) The company billed RST Company $5,400 for services performed No change in equity October 31) The company paid $1,750 cash for Laura Sanchez's wages for seven days' work. Decreased equity - Expense October 31) M. Sanchez withdrew $7,000 cash from the Decreased equity - Owner withdrawal company for personal use. November 1) The company reimbursed M. Sanchez in cash for business automobile mileage allowance (Sanchez logged 1,000 Decreased equity - Expense miles at $0.32 per mile). November 2) The company received 54,800 cash from Fields Corporation for computer services performed. Increased equity - Revenue November 5) The company purchased computer supplies for $1,700 cash from Miller Office Products. Decreased equity - Expense November 8) The company billed Hughes Company $2,200 for services performed No change in equity 0 $ (1,000) (1,900) 4,800 0 (1,750) (7,000) (320) 4.800 (1,700) 0 (1,750) (7,000) (320) 4.800 (1,700) 0 0 VLLUCI JT) HHC Lumpany paru 1, JV Las VI Laura Sanchez's wages for seven days' work. Decreased equity - Expense October 31) M. Sanchez withdrew $7,000 cash from the Decreased equity - Owner withdrawal company company for personal use. November 1) The company reimbursed M. Sanchez in cash for business automobile mileage allowance (Sanchez logged 1,000 Decreased equity - Expense miles at $0.32 per mile) November 2) The company received $4,800 cash from Fields Corporation for computer services performed. Increased equity - Revenue November 5) The company purchased computer supplies for $1,700 cash from Miller Office Products. Decreased equity - Expense November 8) The company billed Hughes Company $2,200 for No change in equity services performed November 13) The company agreed to perform future services for Walsh Engineering Company. No work has yet been No change in equity performed November 18) The company received $3,200 cash from RST Company as partial payment of the October 28 bill. Increased equity - Revenue November 22) The company paid $400 cash for miscellaneous Decreased equity - Expense expenses. Hint: Debit Miscellaneous Expense for $400. November 24) The company completed work for Walsh Increased equity - Revenue Engineering Company and sent it a bill for $5,400. November 25) The company sent another bill to RST Company No change in equity for the past-due amount of $2,200. November 28) The company reimbursed M. Sanchez in cash for business automobile mileage (1,200 miles at $0.32 per Decreased equity - Expense mile) November 30) The company paid $3,500 cash for Laura Decreased equity - Expense Sanchez's wages for 14 days' work. November 30) M. Sanchez withdrew $2,400 cash from the Decreased equity - Owner withdrawal company for personal use. Total impact on equity What is the balance in the owner's capital account as reported on the balance sheet? 3,200 (400) 5,400 0 (384) (3,500) (2,400) $ 125,546Step by Step Solution
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