Summative Assessment (due Day 7] Saved Michael Masters opens a web consulting business called Masters 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. Mar. 1 Masters invested $231,000 cash along with $24,700 in office equipment in the company. Mar. 2 The company prepaid $12,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 3 The company made credit purchases of office equipment for $5,700 and office supplies for $3,900. Payment is due within 10 days. Mar. 6 The company completed services for a client and immediately received $6,700 cash. Mar. 9 The company completed a $10,200 project for a client, who must pay within 30 days. Mar. 12 The company paid $9,600 cash to settle the account payable created on March 3. Mar. 19 The company paid $9,300 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 22 The company received $6,100 cash as partial payment for the work completed on March 9. Mar. 25 The company completed work for another client for $6,600 on credit. Mar. 29 Masters withdrew $5,400 cash from the company for personal use. Mar. 30 The company purchased $900 of additional office supplies on credit. Mar. 31 The company paid $800 cash for this month's utility bill. Requirement General Journal General Ledger Trial Balance Income Statement St 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