• 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 answers by selecting the date on the trial balance tab.) The first 3 transactions are completed for you!Financial Statement Impact

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Transaction:	Net Income	Total Assets	Total Liabilities	Total Equity
Where can you go to find each of your answers?	Income statement	Balance sheet	Balance sheet	Balance sheet
December 1 - Photo Sense receives $44,000 cash from Ivan Kuhl as an owner contribution.	$0	$44,000	$0	$44,000
December 2 - Pays $3,200 cash for supplies.	0	44,000	0	44,000
December 3 - Pays $40,000 cash for equipment.	0	44,000	0	44,000
December 4 - Purchases $8,200 of supplies on credit from a supplier.
December 5 - Provides consulting services and immediately collects $4,900 cash.
December 6 - Pays $1,700 cash for December rent.
December 7 - Pays $1,400 cash for employee salary.
December 8 - Provides consulting services of $2,300 and rents its test facilities for $1,000. The customer is billed $3,300 for these services.
December 9 - Receives $3,300 cash from the client billed on December 8.
December 10 - Pays CalTech Supply $1,600 cash toward the payable from December 4.
December 11 - Ivan Kuhl withdraws $900 cash for personal use.
December 12 - Receives $3,700 cash in advance of providing consulting services to a customer.
December 13 - Pays $3,100 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1.
December 14 - Pays $820 cash for supplies.
December 15 - Pays $1,005 cash for December utilities expense.
December 16 - Pays $1,050 cash in employee salary for work performed in the latter part of December.

GLO201 (Algo) - This problem is based on... LO A1, C2, P1 This problem is based on the transactions for the Photo Sense Company in your text. 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. December 1 on December 1, Ivan Kuhl forms a consulting business, named Photo Sense. Photo Sense receives $44,000 cash from Ivan Kuhl as an owner contribution. December 2 Photo Sense pays $3,200 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 Photo Sense pays $40,000 cash for equipment. December 4 Photo Sense purchases $8,200 of supplies on credit from a supplier, CalTech Supply. December 5 Photo Sense provides consulting services and immediately collects $4,900 cash. December 6 Photo Sense pays $1,700 cash for December rent. December 7 Photo Sense pays $1,400 cash for employee salary. December 8 Photo Sense provides consulting services of $2,300 and rents its test facilities for $1,000. The customer is billed $3,300 for these services. December 9 Photo Sense receives $3,300 cash from the client billed on December 8. December 10 Photo Sense pays CalTech Supply $1,600 cash as partial payment for its December 4 $8,200 purchase of supplies. December 11 Ivan Kuhl withdraws $900 cash from Photo Sense for personal use. December 12 Photo Sense receives $3,700 cash in advance of providing consulting services to a customer. The company's policy is to record fees collected in advance in a balance sheet account. December 13 Photo Sense pays $3,100 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. The company's policy is to record all prepaid expenses in a balance sheet account. December 14 Photo Sense pays $820 cash for supplies. December 15 Photo Sense pays $1,005 cash for December utilities expense. December 16 Photo Sense pays $1,050 cash in employee salary for work performed in the latter part of December