ces This problem is based on the transactions for the Eco Build Company in your 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. December 1 On December 1, Nina Miller forms a consulting business, named Eco Build. Eco Build receives $56,000 cash from Nina Miller as an owner contribution. December 2 Eco Build pays $3,800 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 Eco Build pays $40,000 cash for equipment. December 4 Eco Build purchases $9,100 of supplies on credit from a supplier, CalTech Supply. December 5 Eco Build provides consulting services and immediately collects $5,500 canh. December 6 Eco Build pays $2,300 cash for December rent. December 7 Eco Build pays $2,000 cash for employee salary. December 8 Eco Build provides consulting services of $3,100 and rents its test facilities for $1,800. The customer is billed $4,900 for these services. December 9 Eco Build receives $4,900 cash from the client billed on December 8. December 10 Eco Build pays CalTech Supply $2,200 cash as partial payment for its December 4 $9,100 purchase of supplies. December 11 Nina Miller withdraws $700 cash from Eco Build for personal use. December 12 Eco Build receives $3,500 cash in advance of providing consulting services to a customer. The company's policy is to record fees collected in advance in a balance sheet account. December 13 Eco Build pays $3,700 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. The company's policy is to record all prepaid expenses in a balance sheet account. December 14 Eco Build pays $1,420 cash for supplies. December 15 Eco Build pays $1,605 cash for December utilities expense. December 16 Eco Build pays $1,350 cash in employee salary for work performed in the latter part of December. General Requirement Journal Financial General Ledger Trial Balance Income Statement Statement Owners Equity Balance Sheet Statement Impact 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 answers by selecting the date on the trial balance tab.) The first 3 transactions are completed for you! Requirement General Journal General Ledger Answer is not complete. Income Statement Trial Balance Statement Owners Equity Financial Balance Sheet Statement Impact 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 answers by selecting the date on the trial balance tab.) The first 3 transactions are completed for you! Transaction: Where can you go to find each of your answers? December 1-Eco Build receives $56,000 cash from Nina Miller as an owner contribution. December 2-Pays $3,800 cash for supplies. December 3-Pays $40,000 cash for equipment. December 4-Purchases $9,100 of supplies on credit from a supplier. December 5-Provides consulting services and immediately collects $5,500 cash, December 6-Pays $2,300 cash for December rent. December 7 Pays $2.000 cash for employee salary December 8-Provides consulting services of $3,100 and rents its test facilities for $1,800. The customer is billed $4,900 for these services. Net Income Total Assets Income statement Balance sheet Total Liabilities Balance sheet Total Equity Balance sheet $ 0 $ 56,000 $ 0 S 56,000 0 56,000 0 56,000 0 56,000 0 56.000 Show less A Transaction: Where can you go to find each of your answers? December 1-Eco Build receives $56,000 cash from Nina Miller as an owner contribution. December 2-Pays $3,800 cash for supplies. December 3-Pays $40,000 cash for equipment. December 4-Purchases $9,100 of supplies on credit from a supplier. December 5-Provides consulting services and immediately collects $5,500 cash. December 6-Pays $2,300 cash for December rent. December 7-Pays $2,000 cash for employee salary December 8-Provides consulting services of $3,100 and rents its test facilities for $1,800. The customer is billed $4,900 for these services. December 9-Receives $4,900 cash from the client billed on December 8. December 10-Pays CalTech Supply $2,200 cash toward the payable from December 4. December 11-Nina Miller withdraws $700 cash for personal use. December 12-Receives $3,500 cash in advance of providing consulting services to a customer December 13 Pays $3,700 cash (insurance premium) for a 24-month insurance policy Coverage begins on December 12 Total Net Income Assets Total Liabilities Total Equity Income Balance Balance Balance statement sheet sheet sheet $ 0 $ 56,000 $ 0 $ 56,000 0 56,000 0 56,000 0 56,000 0 56,000 + BERTIOGUAY www December 6-Pays $2,300 cash for December rent. December 7-Pays $2,000 cash for employee salary. December 8- Provides consulting services of $3,100 and rents its test facilities for $1,800. The customer is billed $4,900 for these services. December 9-Receives $4,900 cash from the client billed on December 8. December 10-Pays CalTech Supply $2,200 cash toward the payable from December 4. December 11- Nina Miller withdraws $700 cash for personal use. December 12-Receives $3,500 cash in advance of providing consulting services to a customer. December 13-Pays $3,700 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. December 14-Pays $1,420 cash for supplies. December 15-Pays $1,605 cash for December utilities expense. December 16-Pays $1,350 cash in employee salary for work performed in the latter part of December. < Balance Sheet Answer is not complete. Requirement General Journal General Ledger Income Statement Trial Balance Statement Owners Equity Financial Balance Sheet Statement Impact Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of the Eco Build Company, entering the debits before the credits. Each transaction will autom- posted to the General Ledger and the Trial Balance as soon as you click "Record Entry". No Date 1 December 01 Cash N. Miller, Capital 2 December 02 Supplies Cash 3 December 03 Equipment Cash Account Title Debit Credit 56,000 56,000 3,800 3,800 40,000 40,000 4 December 04 Supplies 9,100 Accounts payable 9,100 5 December 05 Cash 5,500 5 December 05 Cash 5,500 Consulting revenue 5,500 6 December 06 Rent expense Cash 7 December 07 Salaries expense Cash 8. December 08 Accounts receivable Consulting revenue Rental revenue 9. December 09 Cash Accounts receivable 10 December 10 Accounts payable 11 December 11 Cash N. Miller, Withdrawals Cash Prav 4 of 8 00 00 2,300 2,300 2,000 2,000 4,900 3,100 1,800 4,900 4,900 2.200 2,200 700 700 11 December 11 N. Miller, Withdrawals Cash 700 700 12 December 12 Cash 3,500 Unearned consulting revenue 3,500 13 13 December 13 Prepaid insurance 3,700 Cash 3,700 14 December 14 Supplies Cash 15 15 December 15 Utilities expense Cash 16 December 16 Salaries expense Cash 12 17 No Transaction Re < Requirement General Ledger > 00 00 1,420 1,420 1,605 1.605 1,350 1,350