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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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).
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
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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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