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Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet FS Impact The financial statements report the cumulative impact of
Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet FS Impact The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your work by selecting the date on the trial balance tab.) The first two transactions are completed for you! Transaction: Where can you go to find each of your answers? Apr. 1 Tanner invested $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock. Apr. 2 The company prepaid $9,000 cash for 12 months' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 3 The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days. Net Income Total Assets Total Liabilities Total Equity Income statement Balance sheet Balance sheet Balance sheet $ 0 $ 106,000 $ 0 $ 106,000 0 106,000 0 106,000 11,600 11,600 0 Apr. 6 The company completed services for a client and immediately received $4,000 cash. 4,000 4,000 0 4,000 Apr. 9 The company completed a $6,000 project for a client, who must pay within 30 days. 6,000 6,000 6,000 Apr. 13 The company paid $11,600 cash to settle the account payable created on April 3. 0 11,600 11,600 0 Apr. 19 The company paid $2,400 cash for the premium on a 12-month prepaid insurance policy. The ol 24001 2 Pray 5 of 6 Next > Show less A
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