Answered step by step
Verified Expert Solution
Question
1 Approved Answer
X Answer is complete but not entirely correct. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet FS Impact The
X Answer is complete but not entirely correct. 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 work by selecting the date on the trial balance tab.) The first 2 transactions are completed for you! Show less S Total Transaction: Net Income Total Assets Liabilities Total Equity Where can you go to find each of your Income Balance Balance Balance answers? statement sheet sheet sheet Jan. 1 - Jean Clark, owner, invested $109,750 cash 0 S 109,750 S 0 S 109,750 in the company in exchange for common stock. Jan. 2 - The company purchased office supplies for 0 109,750 0 $1,550 cash 109,750 Jan. 3 - The company purchased $16,050 of office 0 125,800 0 109,750 equipment on credit Jan. 4 - The company received $16,100 cash as 16,100 141,900 16,050 fees for services provided to a customer. 109,750 X Jan. 5 - The company paid $16,050 cash to settle the payable for the office equipment purchased on 16,100 125,850 16,050 X 109,750X January 3. Jan. 6 - The company billed a customer $3,000 as 19,100 128,850 fees for services provided. 0 109,750 X Jan. 7 - The company paid $1,525 cash for the 17,575 monthly rent 127,325 0 109,750 X Jan. 8- The company collected $1,350 cash as partial payment for the account receivable created 17,575 127,325 109,750 on January 6. Jan. 9 - The company paid $10,300 cash in 17,575 dividends to the owner (sole shareholder). 117,025 0 99,450 Please verify that each of your final amounts agrees with the financial statements as of, or for the month ended, January 31
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started