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subject; accounting    Hi can i get help with FS IMpact can you you broke it down for me on how to cumulative amoun

subject; accounting    Hi can i get help with FS IMpact can you you broke it down for me on how to cumulative amoun

FINANCIAL ACCOUNTING
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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Hi can i get help with FS IMpact can you you broke it down for me on how to cumulative amount

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. January 1 H. Lee, owner, invested $130,750 cash in the company in exchange for common stock. January 2 The company purchased supplies for $2,250 cash. January 3 The company purchased $14,050 of equipment on credit. January 4 The company received $17,500 cash for services provided to a customer. January 5 The company paid $14,050 cash to settle the payable for the equipment purchased on January 3. January 6 The company billed a customer $3,700 for services provided. January 7 The company paid $2,225 cash for the monthly rent. January 8 The company collected $1,875 cash as partial payment for the account receivable created on January 6. January 9 The company paid $11,000 cash in dividends to the owner (sole shareholder). Requirement General Journal General Ledger Transaction: Trial Balance Where can you go to find each of your answers? January 1-H. Lee, owner, invested $130,750 cash in the company in exchange for common stock. January 2- The company purchased supplies for $2,250 cash. 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 selecti trial balance tab.) The first 2 transactions are completed for you! date on the January 3-The company purchased $14,050 of equipment on credit January 4-The company received $17.500 cash for services provided to a customer. January 5-The company paid $14,050 cash to settle the payable for the equipment purchased on January 3. January 6- The company billed a customer $3,700 for services provided. Jan. 7- The company paid $2,225 cash for the monthly rent. January 8- The company collected $1,875 cash as partial payment for the account receivable created on January 6, Income Statement $ Net Income 0 0 17,500 0 $ 130,750 $ 130,750 17,500 21,200 18,975 St Retained Earnings 18,975 Balance Sheet FS Impact Total Assets 18,975 Total Liabilities Prev 0 $ 0 Total Equity 14,050 January 9- The company paid $11,000 cash in dividends to the owner (sole shareholder). Please verify that each of your final amounts agrees with the financial statements as of, or for the month ended, January 31. 130,750 1 of 1 130,750 www www Show less A Next >
Transcribed Image 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. January 1 H. Lee, owner, invested $130,750 cash in the company in exchange for common stock. January 2 The company purchased supplies for $2,250 cash. January 3 The company purchased $14,050 of equipment on credit. January 4 The company received $17,500 cash for services provided to a customer. January 5 The company paid $14,050 cash to settle the payable for the equipment purchased on January 3. January 6 The company billed a customer $3,700 for services provided. January 7 The company paid $2,225 cash for the monthly rent. January 8 The company collected $1,875 cash as partial payment for the account receivable created on January 6. January 9 The company paid $11,000 cash in dividends to the owner (sole shareholder). Requirement General Journal General Ledger Transaction: Trial Balance Where can you go to find each of your answers? January 1-H. Lee, owner, invested $130,750 cash in the company in exchange for common stock. January 2- The company purchased supplies for $2,250 cash. 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 selecti trial balance tab.) The first 2 transactions are completed for you! date on the January 3-The company purchased $14,050 of equipment on credit January 4-The company received $17.500 cash for services provided to a customer. January 5-The company paid $14,050 cash to settle the payable for the equipment purchased on January 3. January 6- The company billed a customer $3,700 for services provided. Jan. 7- The company paid $2,225 cash for the monthly rent. January 8- The company collected $1,875 cash as partial payment for the account receivable created on January 6, Income Statement $ Net Income 0 0 17,500 0 $ 130,750 $ 130,750 17,500 21,200 18,975 St Retained Earnings 18,975 Balance Sheet FS Impact Total Assets 18,975 Total Liabilities Prev 0 $ 0 Total Equity 14,050 January 9- The company paid $11,000 cash in dividends to the owner (sole shareholder). Please verify that each of your final amounts agrees with the financial statements as of, or for the month ended, January 31. 130,750 1 of 1 130,750 www www Show less A Next >
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