Pam Fisher opens a web consulting business called Fisher Consulting and completes the following transactions in March.Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Mar. 1 Fisher invested $237,000 cash along with $24,900 in office equipment in the company.Mar. 2 The company prepaid $8,000 cash for six months’ rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts.Mar. 3 The company made credit purchases of office equipment for $5,900 and office supplies for $4,100. Payment is due within 10 days.Mar. 6 The company completed services for a client and immediately received $6,900 cash.Mar. 9 The company completed a $10,400 project for a client, who must pay within 30 days.Mar. 12 The company paid $10,000 cash to settle the account payable created on March 3.Mar. 19 The company paid $9,700 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts.Mar. 22 The company received $6,200 cash as partial payment for the work completed on March 9.Mar. 25 The company completed work for another client for $6,800 on credit.Mar. 29 Fisher withdrew $5,600 cash from the company for personal use.Mar. 30 The company purchased $1,100 of additional office supplies on credit.Mar. 31 The company paid $1,000 cash for this month’s utility bill. Please use nmbers and requested journals from the assgnment..

Answered: $8,000 cash for six month

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Pam Fisher opens a web consulting business called Fisher Consulting and completes the following transactions in March.
Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements.

Mar.	1	Fisher invested $237,000 cash along with $24,900 in office equipment in the company.
Mar.	2	The company prepaid $8,000 cash for six months’ rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts.
Mar.	3	The company made credit purchases of office equipment for $5,900 and office supplies for $4,100. Payment is due within 10 days.
Mar.	6	The company completed services for a client and immediately received $6,900 cash.
Mar.	9	The company completed a $10,400 project for a client, who must pay within 30 days.
Mar.	12	The company paid $10,000 cash to settle the account payable created on March 3.
Mar.	19	The company paid $9,700 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts.
Mar.	22	The company received $6,200 cash as partial payment for the work completed on March 9.
Mar.	25	The company completed work for another client for $6,800 on credit.
Mar.	29	Fisher withdrew $5,600 cash from the company for personal use.
Mar.	30	The company purchased $1,100 of additional office supplies on credit.
Mar.	31	The company paid $1,000 cash for this month’s utility bill.