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Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. September 1 Lee invested
Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements.
September Lee invested $ cash along with office equipment valued at $ in a new sole proprietorship named EL Consulting. and a longterm note payable for $
September The company purchased $ of office supplies on credit. in the business.
September The company purchased $ of additional office equipment on credit.
September The company paid $ cash salary to an assistant.
September The company provided services to a client and collected $ cash.
September The company paid $ cash for this month's utilities.
September The company paid $ cash to settle the account payable created on September
September The company purchased $ of new office equipment by paying $ cash.
September The company completed $ of services for a client, who must pay within days.
September The company paid $ cash salary to an assistant.
September The company received $ cash in partial payment on the receivable created on September
September Lee withdrew $ cash from the company for personal use.
tableRequirementtableGeneralJournaltableGeneralLedgerTrial Balance,tableIncomeStatementtableStatementOwners EquityBalance Sheet,tableImpact onEquity
General Journal Tab For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger.
General Ledger Tab 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 General Ledger tab. Abnormal balances appear in parentheses. Click on any amount to see the underlying journal entry.
Trial Balance Tab 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 total credits. If your trial balance doesn't balance, review your journal entries on the general journal tab.
Income Statement Tab Using the dropdown buttons, select the financial statement elements and account titles to be
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