Practice: Conr Check ma GLO202 (No Analysis Tab) - Based on Exercise 2-9 LO A1 Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. Jan. 1 Hao Lee, owner, invested $130,750 cash in the company. Jan. 2 The company purchased office supplies for $2,250 cash. Jan. 3 The company purchased $14,050 of office equipment on credit. Jan. 4 The company received $17,500 cash as fees for services provided to a customer. Jan. 5 The company paid $14,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 The company billed a customer $3,700 as fees for services provided. Jan. 7 The company paid $2,225 cash for the monthly rent. Jan. 8 The company collected $1,875 cash as partial payment for the account receivable created on January 6. Jan. 9 Hao Lee withdrew $11,000 cash from the company for personal use. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. General Ledger Tab - One of the advantages of general ledger software is that posting is done automatically. 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. Trial Balance Tab - General ledger software also automates the preparation of trial balances. 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. Income Statement Tab - The revenue and expense balances from the trial balance appear on the income statement, along with their balance as of the date selected. Review the income statement and indicate how the income statement is linked to the other financial statements. Statement of Owner's Equity Tab - Owner investments and withdrawals, as reported on the trial balance, appear on the statement of owner's equity. Review the statement of owner's equity and indicate how the statement of owner's equity is Prey 1 of 2 Next > ad Jan. 3 The company purchased $14,050 of office equipment on credit. Jan. 4 The company received $17,500 cash as fees for services provided to a customer. Jan. 5 The company paid $14,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 The company billed a customer $3,700 as fees for services provided. Jan. 7 The company paid $2,225 cash for the monthly rent. Jan. 8 The company collected $1,875 cash as partial payment for the account receivable created on January 6. Jan. 9 Hao Lee withdrew $11,000 cash from the company for personal use. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. General Ledger Tab - One of the advantages of general ledger software is that posting is done automatically. 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. Trial Balance Tab - General ledger software also automates the preparation of trial balances. 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. Income Statement Tab - The revenue and expense balances from the trial balance appear on the income statement, along with their balance as of the date selected. Review the income statement and indicate how the income statement is linked to the other financial statements. Statement of Owner's Equity Tab - Owner investments and withdrawals, as reported on the trial balance, appear on the statement of owner's equity. Review the statement of owner's equity and indicate how the statement of owner's equity is linked to the other financial statements. Balance Sheet Tab - Each asset and liability account balance, as reported on the trial balance, appears on the balance sheet, along with the ending capital balance. Review the balance sheet and then indicate how the balance sheet is linked to the other financial statements. Requirement General Journal > Prev 1 of 2 Check my we Next > ped ok ht nces inal Dalance as soon as you CHICK Recoru chuy View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 January 1 Hao Lee, owner, invested $130,750 cash in the company. Note: Enter debits before credits. Date Account Title Debit Jan 01 000: No journal entry required 101: Cash 106: Accounts receivable 126: Office supplies 140: Land LCD DIE Record e d es View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 January 1 Hao Lee, owner, invested $130,750 cash in the company. Note: Enter debits before credits. Date Account Title Debit Jan 01 140: Land 163: Office equipment 168: Accumulated depreciation office equipment . 201: Accounts payable 226: Unearned consulting revenue Pnental View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 January 1 Hao Lee, owner, invested $130,750 cash in the company. Note: Enter debits before credits. Date Account Title Debit Jan 01 226: Unearned consulting revenue 318: H. Lee, Capital 319: H. Lee, Withdrawals 403: Fees earned 406: Rental revenue ca3 Calasian Record e Prev 1 of 2 Credit View general journal Next > Trial Dalarice as soon as you click Recuru Entry. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 9 January 1 - Hao Lee, owner, invested $130,750 cash in the company. Note: Enter debits before credits. Date Account Title Debit Jan 01 Record e 622: Salaries expense 627: Insurance expense 640: Rent expense 652: Supplies expense 690: Utilities expense Prev 1 of 2 www Credit View general journal Next inal Dalance as soon as you click View transaction list Journal entry worksheet inal Dadlice as soon as you click Recoru cntry. View transaction list Journal entry worksheet Record entry Prev 1 of 2 Next > Jan. 6 The company billed a customer $3,700 as fees for services provided. Jan. 7 The company paid $2,225 cash for the monthly rent. Jan. 8 The company collected $1,875 cash as partial payment for the account receivable created on January 6. Jan. 9 Bao Lee withdrew $11,000 cash from the company for personal use. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you must have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less A to: Jan 09 Dates: Jan 01 Lee Company Trial Balance January 09, 2019 Account Title Credit Total Next > 1 of 2 $ Debit OS 0 Sub Check my wor Jan. 6 The company billed a customer $3,700 as fees for services provided.. Jan. 7 The company paid $2,225 cash for the monthly rent. Jan. 8 The company collected $1,875 cash as partial payment for the account receivable created on January 6. Jan. 9 Hao Lee withdrew $11,000 cash from the company for personal use.. General General Requirement Journal Trial Balance Income Statenent St Owners Equity Balance Sheet Ledger An income statement reports the changes in equity attributable to the operation of the business during a specific time period. Revenues increase equity, and expenses decrease equity. Lee Company Income Statement For Month Ended January 31, 2019 Revenues $ Fees earned Expenses Rent expense 0 0 Net income Net income or loss is transferred from the income statement to the: Check my work Check my work Jan. 6 The company billed a customer $3,700 as fees for services provided. Jan. 7 The company paid $2,225 cash for the monthly rent.. Jan. 8 The company collected $1,875 cash as partial payment for the account receivable created on January 6.. Jan. 9 Hao Lee withdrew $11,000 cash from the company for personal use. Requirement General Journal General Ledger Trial Balance Income Statement St Owhers Equity Balance Sheet There are four subsets of equity: Investments by owners, withdrawals by owners, revenues and expenses. All four subsets are compiled in the Capital account at the end of the period. The ending capital balance is transferred to the equity section of the balance sheet. Lee Company Statement of Owner's Equity For Month Ended January 31, 2019 H. Lee, Capital, January 1, 2019 $ 0 0 Add: Net income 0 H. Lee, Capital, January 31, 2019 1 $ 0 Ending capital is transferred to the 1 of 2 $ ary 6. Jan. 9 Hao Lee withdrew $11,000 cash from the company for personal use. Requirement. General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet The balance sheet is the accounting equation: Assets Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Equity includes the ending capital balance from the Statement of Owner's Equity. Lee Company Balance Sheet January 31, 2019 Cash $ 0 Accounts receivable 0 Office supplies 0 Office equipment 0 Accounts payable Assets Liabilities Equity $ Prev 0 1 of 2 Next > ped -ok n nces January 31, 2019 Assets Cash Accounts receivable Office supplies Office equipment Liabilities Accounts payable Equity H. Lee, Capital The balance in Lee's capital account comes from the: $ $ Prev 0 0 0 0 0 0 1 of 2 Next > Ch