This problem is based on the transactions for the Eco Build 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 Dec. 1 on December 1, Nina Miller forms a consulting business, named Eco Build. Eco Build receives $56,00 cash from Nina Miller as an owner contribution. Dec. 2 Eco Build pays $3,800 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. 3 Eco Build pays $40,000 cash for equipment. Dec. 4 Eco Build purchases $9,100 of supplies on credit from a supplier, CalTech Supply. Dec. 5 Eco Build provides consulting services and immediately collects $5,500 cash. Dec. 6 Eco Build pays $2,300 cash for December rent. Dec. 7 Eco Build pays $2,000 cash for employee salary. Dec 8 Eco Build provides consulting services of $3,109 and rents its test facilities for $1,889. The customer is bilied 54,900 for these services. Dec 9 Eco Build receives $4,900 cash from the client billed on December 8. Dec. 10 Eco Build pays CalTech Supply $2,200 cash as partial payment for its December 4 59,108 purchase of supplies. Dec. 11 Nina Miller withdraws $700 cash from Eco Build for personal use. Dec. 12 Eco Build receives $3,500 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. Dec. 13 Eco Build pays $3,700 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. Dec, 14 Eco Build pays $1,428 cash for supplies. Dec. 15 Eco Build pays $1,605 cash for December utilities expense. Dec. 16 Eco Bulld pays $1,350 cash in employee salary for work performed in the latter part of Decenber. General General Income Requirement St Owners Thal Balance Journal Balance Sheet FS Imdat Equity Ledger Statement General Journal Tab. For each transaction, prepare the required journal entry on the General Journal tab. Ust 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 F 1 of 12 Next > Dec. 13 Eco Build pays $3,700 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. Dec. 14 Eco Build pays $1,420 cash for supplies. Dec. 15 Eco Build pays $1,685 cash for December utilities expense. Dec. 16 Eco Build pays $1,350 cash in employee salary for work performed in the latter part of December. Balance Sheet Requirement General General Journal Trial Balance Income St Owners Ledger Statement Equity FS Impact 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 spedfic point in time, dick 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 totali credits. Income Statement Tab - 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 Tab - Owner 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. Financial Statement Impact Tab - It is important to be able to identify the impact each transaction has on the financial statements. For each of the transactions, indicate the cumulative amount of net income, total assets, total liabilities and total equity that would appear on the financial statements immediately after each transaction is recorded. General Joumal >
