This problem is based on the transactions for the Business Mastery Company in your text. Prepare joumal 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.

Decerber $1$ On Decenber $1,$ Michael Masters forms a consulting business, naned Business Mastery. Business Mastery receives $$84,600$

cash from Michael Masters as an owner contribution.

Decenber $2$ Business Mastery pays $$5,260$ cash for supplies. The conpany's policy is to record all prepaid expenses in asset

accounts.

Decertber $3$ Business Mastery pays $$68,000$ cash for equiprent.

Decerber $4$ Business Mastery purchases $$11,200$ of supplies on credit from a supplier, CalTech Supply.

Decenber $5$ Business Mastery provides consulting services and imediately collects $$6,900$ cash.

Decenber $6$ Business Mastery pays $$3,7e0$ cash for December rent.

Decerber $7$ Business Mastery pays $$2,2$e$0$ cash for employee salary.

Decermber $8$ Business Mastery provides consulting services of $$5,900$ and rents its test facilities for $$4,600.$ The custemer is

billed $$10,500$ for these services.

Decermber $9$ Business Mastery receives $$10,500$ cash from the client billed on Decenber $8.$

December $10$ Business Mastery pays CalTech Supply $$3,600$ cash as partial payment for its December $4$$$11,260$ purchase of supplies.

December $11$ Michael Master's withdraw's $$2,100$ cash from Business Mastery for personal use.

Decenber $12$ Business Mastery receives $$4,980$ 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 $13$ Business Mastery pays $$5,100$ cash $($insurance prenium$)$ for a $24-$month insurance policy. Coverage begins on Decerber $1.$

The company's policy is to record all prepaid expenses in a balance sheet account.

December $14$ Business Mastery pays $$2,820$ cash for supplies.

Decenber $15$ Business Mastery pays $$3,605$ cash for Decenber utilities expense.

December $16$ Business Mastery pays $$2,050$ cash in employee salary for work performed in the latter part of Decenber.

General Journal Tab $-$ For each transaction, prepare the required journal entry on the General Joumal tab. List debits

before credits.

General Ledger Tab $-$ One of the advantages of general ledger software is that posting is done automatically. 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.

Trial Balance Tab $-$ General ledger software also automates the preparation of trial balances. 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.

Income Statement $T_{a}b-$ The revenue and expense balances from the trial balance appear on the income statement,

along with their balance as of the date selected. Review the income statement and indicate how the income statement is

linked to the other financial statements,

Statement of Owner's Equity Tah $-$ Oviner investments and withdrawals, as reported on the trial balance, appear on

the statement of owner's equity. Review the statement of owner's equity and indicate how the statement of owner's equity is

linked to the other financial statements.

Balance Sheet Tab $-$ Each asset and liability account balance, as reported on the trial balance, appears on the balance

sheet, along with the ending capital balance. Review the balance sheet and then indicate how the balance sheet is linked to

the other financial statements.