This problem is based on the transactions for the Sweet Homes 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, Mike Sweet forms a consulting business, named Sweet Homes. Sweet Homes receives $68,000 cash from Mike Sweet in exchange for common stock. December 2 Sweet Homes pays $4,400 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 Sweet Homes pays $52,000 cash for equipment. December 4 Sweet Homes purchases $10,000 of supplies on credit from a supplier, CalTech Supply. December 5 Sweet Homes provides consulting services and immediately collects $6,100 cash. December 6 Sweet Homes pays $2,900 cash for December rent. December 7 Sweet Homes pays $1,400 cash for employee salary. December 8 Sweet Homes provides consulting services of $4,300 and rents its test facilities for $3,000. The customer is billed $7,300 for these services. December 9 Sweet Homes receives $7,300 cash from the client billed on December 8. December 10 Sweet Homes pays CalTech Supply $2,800 cash as partial payment for its December 4 $10,000 purchase of supplies. December 11 Sweet Homes pays $1,300 cash for dividends. December 12 Sweet Homes receives $4,100 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 Sweet Homes pays $4,300 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 Sweet Homes pays $2,020 cash for supplies. December 15 Sweet Homes pays $2,205 cash for December utilities expense. December 16 Sweet Homes pays $1,650 cash in employee salary for work performed in the latter part of December. 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 A