Saved Paul Clark opens a web consulting business called Clark Consulting and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. March 1 Clark invested $192,000 cash along with $23,400 in office equipment in the company. March 2 The company prepaid $10,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. March 3 The company made credit purchases of office equipment for $4,400 and office supplies for $2,600. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $5,400 cash. March 9 The company completed a $8,900 project on credit for a client, who must pay within 30 days. March 12 The company paid $7,000 cash to settle the account payable created on March 3. March 19 The company paid $6,700 cash for the premium on a 12-month Insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. March 22 The company received $5,300 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $5,300 on credit. March 29 Clark withdrew $5,700 cash from the company for personal use. March 30 The company purchased $1,200 of additional office supplies on credit. March 31 The company paid $1,100 cash for this month's utility bill. 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 aher inrenace o nemate the wn's ranital helance Prev 1 of 1 Next >> Help Save & Exi