GLO201 (No Analysis Tab) - Based on the... LO A1, C3, C4, P1, P2, P3 This problem is based on the transactions for the Solid Systems 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. Dec. 1 On December 1, April Mohr forms a consulting business, named Solid Systems. Solid Systems receives $86,000 cash from April Mohr as an owner contribution. Dec. 2 Solid Systems pays $5,300 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. 3 Solid Systems pays $70,000 cash for equipment. Dec. 4 Solid Systems purchases $11,350 of supplies on credit from a supplier, CalTech Supply. Dec. 5 Solid Systems provides consulting services and immediately collects $7.000 cash. Dec. 6 Solid Systems pays $3,800 cash for December rent. Dec. 7 Solid Systems pays $2,300 cash for employee salary. Dec. 8 Solid Systems provides consulting services of $6,100 and rents its test facilities for $4.800. The customers billed $10.900 for these services. Dec. 9 Solid Systess receives $10.900 cash from the client billed on December 8. Dec. 10 Solid Systems pays CalTech Supply $3,700 cash as partial payment for its December 4 $11,350 purchase of supplies. Dec. 11 April Mohr withdraws $2,200 cash from Solid Systems for personal use. Dec 12 Solid Systems receives $5,000 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. Dec. 13 Solid Systems pays $5,200 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. Dec. 14 Solid Systems pays $2,920 cash for supplies. Dec. 15 Solid Systems pays $3,105 cash for December utilities expense. Dec. 16 Solid Systems pays $2,100 cash in employee salary for work performed in the latter part of December Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet General Journal Tab. For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits General Ledger Tab. One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab Trial Balance Tab - General ledger software also automates the preparation of trial balances. A trial balance lists each arrunt from the General lartner in with its halanre either a dehit Ararartit Terrahisha wa t al