Section 06 Boxing 202 : Quiz Question 2-Ch 2: Quix-Connect Seved ON 2: Hamework Connect Sal Stroas opens a web consumting business called Landscape Dreams and completes the following transactions in its first monin or operations. Help Save & Exi 2 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. Apr. Apr. Apr. Apr. 1 Strods invested $125,000 cash along with office equipment valued at $33,500 in the company. 2 The company prepaid $18,000 cash for 12 months' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. 3 The company made credit purchases for $9,500 in office equipment and $5,100 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $8,500 cash. Apr. 9 The company completed a $13,500 project for a client, who must pay within 30 days. Apr. 13 The company paid $14,600 cash to settle the account payable created on April 3. Apr. 19 The company paid $6,000 cash for the premium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 22 The company received $8,100 cash as partial payment for the work completed on April 9. Apr. 25 The company completed work for another client for $5,400 on credit. Apr. 28 Strods withdrew $6,200 cash from the company for personal use. Apr. 29 The company purchased $2,100 of additional office supplies on credit. Apr. 30 The company paid $3,300 cash for this month's utility bill. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet 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. Landscape Dreams Company Income Statement For Month Ended April 30, 2019 Revenues Services revenue Expenses Utilities expense Total expenses Net income $ 0 O 0 S 0