GLO$206($Algo$)-$ Based on Problem $2-3$A

Ken Hughes opens a web consulting business called Hughes Consulting and completes the following transactions in March.

Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the

financial statements.

March $1$ Hughes invested $$219,000$ cash along with $$24,300$ in office equipment in the company in exchange for common stock.

March $2$ The company prepaid $$12,000$ cash for six months' rent for an office. The company's policy is to record prepaid expenses in

balance sheet accounts.

March $3$ The company made credit purchases of office equipment for $$5,300$ and office supplies for $$3,500.$ Payment is due within $10$

days.

March $6$ The company completed services for a client and immediately received $$6,300$ cash.

March $9$ The company completed a $$9,800$ project for a client, who must pay within $30$ days.

March $12$ The company paid $$8,800$ cash to settle the account payable created on March $3.$

March $19$ The company paid $$8,500$ cash for the premium on a $12-$month insurance policy. The company's policy is to record prepaid

expenses in balance sheet accounts.

March $22$ The company received $$5,900$ cash as partial payment for the work completed on March $9.$

March $25$ The company completed work for another client for $$6,200$ on credit.

March $29$ The company paid $$5,800$ cash in dividends.

March $30$ The company purchased $$1,300$ of additional office supplies on credit.

March $31$ The company paid $$1,200$ cash for this month's utility bill.

General

General

Trial Balance

Income

St Retained

Journal

Ledger

Statement

Earnings

Equity

Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of