GL0202 (No Analysis Tab) - Based on Exercise 2-9 LO A1 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. Jan. 1 Greg Taylor, owner, invested $139,750 cash in the company. Jan. 2 The company purchased office supplies for $2,550 cash. Jan. 3 The company purchased $12,050 of office equipment on credit. Jan. 4 The company received $18,100 cash as fees for services provided to a customer. Jan. 5 The company paid $12,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 The company billed a customer $4,000 as fees for services provided. Jan. 7 The company paid $2,525 cash for the monthly rent. Jan. 8 The company collected $2,100 cash as partial payment for the account receivable created on January 6. Jan. 9 Greg Taylor withdrew $11,500 cash from the company for personal use
GL0202 (No Analysis Tab) - Based on Exercise 2-9 LO A1 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. Jan. 1 Greg Taylor, owner, invested $139,750 cash in the company. Jan. 2 The company purchased office supplies for $2,550 cash. Jan. 3 The company purchased $12,050 of office equipment on credit. Jan. 4 The company received $18,100 cash as fees for services provided to a customer. Jan. 5 The company paid $12,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 The company billed a customer $4,000 as fees for services provided. Jan. 7 The company paid $2,525 cash for the monthly rent. Jan. 8 The company collected $2,100 cash as partial payment for the account receivable created on January 6. Jan. 9 Greg Taylor withdrew $11,500 cash from the company for personal use
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
GL0202 (No Analysis Tab) - Based on Exercise 2-9 LO A1
Prepare
The financial statements are automatically generated based on the journal entries recorded.
Jan. | 1 | Greg Taylor, owner, invested $139,750 cash in the company. | ||
Jan. | 2 | The company purchased office supplies for $2,550 cash. | ||
Jan. | 3 | The company purchased $12,050 of office equipment on credit. | ||
Jan. | 4 | The company received $18,100 cash as fees for services provided to a customer. | ||
Jan. | 5 | The company paid $12,050 cash to settle the payable for the office equipment purchased on January 3. | ||
Jan. | 6 | The company billed a customer $4,000 as fees for services provided. | ||
Jan. | 7 | The company paid $2,525 cash for the monthly rent. | ||
Jan. | 8 | The company collected $2,100 cash as partial payment for the |
||
Jan. | 9 | Greg Taylor withdrew $11,500 cash from the company for personal use. |

Transcribed Image Text:General
Requirement
General
Journal
Trial Balance
Income
Statement
St Owners
Equity
Balance Sheet
Ledger
General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits
before credits.
General Ledger Tab - One of the advantages of general ledger software is that posting is done automatically. 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.
Trial Balance Tab - General ledger software also automates the preparation of trial balances. 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.
Income Statement Tab - The revenue and expense balances from the trial balance appear on the income statement,
along with their balance as of the date selected. Review the income statement and indicate how the income statement is
linked to the other financial statements.
Statement of Owner's Equity Tab - Owner investments and withdrawals, as reported on the trial balance, appear on
the statement of owner's equity. Review the statement of owner's equity and indicate how the statement of owner's equity is
linked to the other financial statements.
Balance Sheet Tab - Each asset and liability account balance, as reported on the trial balance, appears on the balance
sheet, along with the ending capital balance. Review the balance sheet and then indicate how the balance sheet is linked
to the other financial statements.
< Requirement
General Journal >
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