This problem is based on the transactions for the On Point 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, Molly Meng forms a consulting business, named onPoint. Onpoint receives $34,00 cash from Molly Meng in exchange for common stock. Dec. 2 Onpoint pays $2,700 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec a Onpoint pays $30,000 cash for equipment. Dec 4 OnPoint purchases $7,450 of supplies on credit from a supplier, CalTech Supply. Dec 5 OnPoint provides consulting services and immediately collects $4,400 cash. Dec 6 OnPoint pays $1,200 cash for December rent. Dec. 7 Onpoint pays $900 cash for employee salary. Dec. 8 Onpoint provides consulting services of $1,800 and rents its test facilities for $500. The customer is billed $2,300 for these services. Dec. 9 OnPoint receives $2,300 cash from the client billed on December 8. Dec. 10 OnPoint pays CalTech Supply S1, 100 cash as partial payment for its December 4 $7,458 purchase of supplies. Dec. 11 Onpoint pays $400 cash for dividends. Dec. 12 Onpoint receives $3,200 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 OnPoint pays $2,600 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 OnPoint pays $320 cash for supplies. Dec. 15 OnPoint pays $505 cash for December utilities expense. Dec. 16 OnPoint pays $800 cash in employee salary for work performed in the latter part of December General Journal General Ledger Requirement Trial Balance Income Statement St Retained Earnings Balance Sheet FS Impact 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! Show less Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet FS Impact 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! Show less Transaction: Net Income Total Assets Total Liabilities Total Equity $ 0 $ 34,000 $ 0 $ 34,000 0 0 34,000 34,000 34,000 34,000 0 0 Where can you go to find each of your answers? Dec. 1-OnPoint receives $34,000 cash from Molly Meng in exchange for common stock. Dec. 2. Pays $2,700 cash for supplies Dec. 3 - Pays $30,000 cash for equipment Dec. 4. Purchases $7,450 of supplies on credit from a supplier. Dec. 5. Provides consulting services and immediately collects $4,400 cash. Dec. 6 - Pays $1,200 cash for December rent Dec. 7. Pays $900 cash for employee salary. Dec. 8. Provides consulting services of $1,800 and rents its test facilities for $500. The customer is billed $2,300 for these services. Dec. 9 - Receives $2,300 cash from the client billed on December 8. Dec. 10 - Pays CalTech Supply $1,100 cash toward the payable from December 4. payable De ances Dec. 11 - OnPoint pays $400 cash for dividends. Dec. 12 - Receives $3,200 cash in advance of providing consulting services to a customer. Dec. 13 - Pays $2,600 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. Dec. 14 - Pays $320 cash for supplies. Dec. 15 - Pays $505 cash for December utilities expense. Dec. 16. Pays $800 cash in employee salary for work performed in the latter part of December