subject; accounting 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).RequirementGeneralJournalGeneralLedgerTransaction:Trial BalanceWhere can you go to find each of your answers?January 1-H. Lee, owner, invested $130,750 cash inthe 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 thecumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on thefinancial statements immediately after each transaction is recorded. (Hint: You can check your work by selectitrial balance tab.) The first 2 transactions are completed for you!date on theJanuary 3-The company purchased $14,050 ofequipment on creditJanuary 4-The company received $17.500 cash forservices provided to a customer.January 5-The company paid $14,050 cash to settlethe payable for the equipment purchased on January 3.January 6- The company billed a customer $3,700 forservices provided.Jan. 7- The company paid $2,225 cash for the monthlyrent.January 8- The company collected $1,875 cash aspartial payment for the account receivable created onJanuary 6,IncomeStatement$Net Income0017,5000 $ 130,750 $130,75017,50021,20018,975St RetainedEarnings18,975Balance Sheet FS ImpactTotal Assets18,975Total LiabilitiesPrev0 $0Total Equity14,050January 9- The company paid $11,000 cash individends 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 31.130,7501 of 1130,750wwwwwwShow less ANext >

An income statement is a financial report that indicates the revenue and expenses of a business. It…

Answered: subject; accounting Hi can i get…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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