This problem is based on the transactions for the Security First Company in your text. Prepare journal entries for each transaction 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, Xen Hughes forma a consulting business, naned Security Pirst. Security First receives $76,000 Dec. 2 Security Pirat pays $4,800 cash for supplies. The company'policy ia to record all prepaid expenses in asset Dec. 3 Security Pirst pays $60,000 cash for eqaipment Dec. 4 Seeurity Pirst parchases $10,600 of supplies on eredit from a suppller, CalTech Supply cash from Ken Hughes in exchange for oom on tock. Dec. 5 Security First provides consulting services and imediately collects $6,500 cash. Dea. 6 Security First pays $3,300 cash for December rent Dec. 7 Security Pirst pays $1,800 cash for employee salary Dec. 8 Seourity Pirst provides consulting services of ss,100 and rents its test facilities for $3,800. The customer is billed $8,900 for these services Dec. 9 Security Pirst receives 58,900 eash from the alient billed on December 8. Dec. 10 Security Pirst pays CalTech Supply $3,200 cash as partial payment for its December $10,600 purchase of supplies Dec. 11 Security Pirst pays $1,700 cash for dividends. Dea. 12 Seeurity Pirst receives $4,50 0 cash in advance of providing consulting services to a custoner. The poliey is to record fees collected in advance in a balance sheet account. Dec. 13 Security Pirst pays $4,700 cash (insurance premiun) for a 24-month insurance poliey to record all prepaid expenses in a balance sheet account . The company's poliey is Dec. 14 Security Pirst pays $2,420 cash for supplies Dec. 15 Security Pirst pays $2,605 cash for December utilities ex ty First payse 91,850 cash in emploree salary for work performed in the latter part of December. General Ledger Trial Balance Income st Requirement General The financial statements report the cumulative impact of all transactions recorded as of the financial statements immediately after each transaction is recorded. (Hint: You can check your answers by selecting ournal Balance Sheet FS Impact Statement Earnings the financial statement date. Input the Liabilities, and d) Total Equity that would be reported on the date on the trial balance tab.) The first 3 transactions are completed for yout Show less Net Income Total Assets Total Equity Where can you go to find each of your answers? Dec. 1-Security First receives $76,000 cash from Ken Dec. 2- Pays $4,800 cash for supplies Dec. 3 Pays $60,000 cash for equipment S 76,000 6,000 76.000 0S 76,000 76,000 76,000 Dec. 4-Purchases $10,800 of supplies on credit from a Dec. 5-Provides consulting services and immediately collects $6.500 cash. Dec. 6-Pays $3,300 cash for December rent Oec. 7 Pays $1,800 cash for employee salary Dec. 8- Provides consulting services of $5,100 and rents its test facilities for $3,800. The customer is billed 8,000 for these services Dec. 9-Receives $8,900 cash from the cient biled on Dec. 10-Pays CalTech Supply $3.200 cash toward the payable from December 4 Dec. 11- Security First pays $1,700 cash for dividends. Dec. 13 - Pays $4,700 cash insurance premium) for a Dec. 14-Pays $2,420 cash for supplion Dec. 15 Pays $2,605 cash for December utilities Dec. 16-Pays $1,850 canh in employee salary performed in the later