This problem is based on the transactions for the Dairy Plus 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, Rhonda Richards forms a consulting business, named Dairy Plus. Dairy Plus receives $66,000 cash from Rhonda Richards as an owner contribution. December 2 Dairy Plus pays $4,300 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts.. December 3 Dairy Plus pays $50,000 cash for equipment. December 4 Dairy Plus purchases $9,850 of supplies on credit from a supplier, CalTech Supply. December 5 Dairy Plus provides consulting services and immediately collects $6,000 cash. December 6 Dairy Plus pays $2,800 cash for December rent. December 7 Dairy Plus pays $1,300 cash for employee salary. December 8 Dairy Plus provides consulting services of $4,100 and rents its test facilities for $2,800. The customer is billed $6,900 for these services. December 9 Dairy Plus receives $6,900 cash from the client billed on December 8. December 10 Dairy Plus pays CalTech Supply $2,700 cash as partial payment for its December 4 $9,850 purchase of supplies. December 11 Rhonda Richards withdraws $1,200 cash from Dairy Plus for personal use. December 12 Dairy Plus receives $4,000 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 Dairy Plus pays $4,200 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 Dairy Plus pays $1,920 cash for supplies. December 15 Dairy Plus pays $2,105 cash for December utilities expense.. December 16 Dairy Plus pays $1,600 cash in employee salary for work performed in the latter part of December. Requirement General Journal General Ledger Trial Balance Income Statement Statement Owners Equity Balance Sheet Financial Statement Impact Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of the in the dahite hafore the credits. Fach transaction will automatically be posted to the General Ledger ers 1 & 2 i Transaction: Where can you go to find each of your answers? Saved Net Income Total Assets Liabilities Total Equity December 1- Dairy Plus receives $66,000 cash from Rhonda Richards as an owner contribution. $ 0 $ 66,000 $ 0 $ 66,000 December 2-Pays $4,300 cash for supplies. 0 66,000 0 66900 December 3-Pays $50,000 cash for equipment. 0 66,000 0. 66,000 December 4 - Purchases $9,850 of supplies on credit from a supplier. December 5- Provides consulting services and immediately collects $6,000 cash. December 6-Pays $2,800 cash for December rent. December 7- Pays $1,300 cash for employee salary. December 8- Provides consulting services of $4,100 and rents its test facilities for $2,800. The customer is billed $6,900 for these services. December 9- Receives $6,900 cash from the client billed on December 8. December 10- Pays CalTech Supply $2,700 cash oward the payable from December 4. December 11- Rhonda Richards withdraws $1,200 ash for personal use. December 12- Receives $4,000 cash in advance of roviding consulting services to a customer. December 13- Pays $4,200 cash (insurance premium) or a 24-month insurance policy. Coverage begins on December 1. December 14-Pays $1,920 cash for supplies. December 15- Pays $2,105 cash for December utilities xpense. ecember 16- Pays $1,600 cash in employee salary for Prev 19 of 22