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by | Jun 5, 2022 | fresh

Please comp;lete the worksheet .

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

 

Jeffrey Wilson, owner, invested $121,750 cash in the company.

Jan.

 

2

 

The company purchased office supplies for $1,950 cash.

Jan.

 

3

 

The company purchased $16,050 of office equipment on credit.

Jan.

 

4

 

The company received $16,900 cash as fees for services provided to a customer.

Jan.

 

5

 

The company paid $16,050 cash to settle the payable for the office equipment purchased on January 3.

Jan.

 

6

 

The company billed a customer $3,400 as fees for services provided.

Jan.

 

7

 

The company paid $1,925 cash for the monthly rent.

Jan.

 

8

 

The company collected $1,650 cash as partial payment for the account receivable created on January 6.

Jan.

 

9

 

Jeffrey Wilson withdrew $10,700 cash from the company for personal use.

GL0204 (No Analysis Tab) – Based on Problem 2-1A LO A1, C3, C4, P1, P2

Nina Miller opens a web consulting business called Eco Build and completes the following transactions in its first month of operations.
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.
 

Apr.

 

1

 

Miller invested $119,000 cash along with office equipment valued at $32,500 in the company.

Apr.

 

2

 

The company prepaid $16,800 cash for 12 months’ rent for office space. The company’s policy is record prepaid expenses in balance sheet accounts.

Apr.

 

3

 

The company made credit purchases for $9,300 in office equipment and $4,900 in office supplies. Payment is due within 10 days.

Apr.

 

6

 

The company completed services for a client and immediately received $7,900 cash.

Apr.

 

9

 

The company completed a $12,500 project for a client, who must pay within 30 days.

Apr.

 

13

 

The company paid $14,200 cash to settle the account payable created on April 3.

Apr.

 

19

 

The company paid $5,520 cash for the premium on a 12-month insurance policy. The company’s policy is record prepaid expenses in balance sheet accounts.

Apr.

 

22

 

The company received $7,500 cash as partial payment for the work completed on April 9.

Apr.

 

25

 

The company completed work for another client for $5,200 on credit.

Apr.

 

28

 

Miller withdrew $6,000 cash from the company for personal use.

Apr.

 

29

 

The company purchased $1,900 of additional office supplies on credit.

Apr.

 

30

 

The company paid $2,900 cash for this month’s utility bill.

  

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