GLO207 - Based on Problem 2-4A ed Business transactions completed by Carolyn Collins during the month of September are as follows. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements Sep. 1 Collins invested $132,000 cash along with office equipment valued at $27,400 in exchange for common stock of a new company named CC Consulting. Sep. 3 The company purchased land valued at $40,000 and a building valued at $162,400. The purchase is paid with $32,400 cash and a long-tern note payable for $170,000. Sep. 5 The company purchased $4,400 of office supplies on credit. Sep. 7 Collins invested her personal automobile in the company in exchange for more common stock. The automobile has a value of $21,300 and is to be used exclusively in the business. Sep. 9 The company purchased $9,300 of additional office equipment on credit. Sep. 11 The company paid $2,250 cash salary to an assistant. Sep. 13 The company provided services to a client and collected $6,300 cash. Sep. 15 The company paid $1,400 cash for this month's utilities. Sep. 17 The company paid $4,400 cash to settle the account payable created on September 5. Sep. 19 The company purchased $20,300 of new office equipment by paying $20,300 cash. Sep. 21 The company completed $7,800 of services for a client, who must pay within 30 days. Sep. 23 The company paid $2,250 cash salary to an assistant. Sep. 25 The company received $5,000 cash in partial payment on the receivable created on September 21. Sep. 27 The company paid $2,800 cash in dividends. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earings Balance Sheet Impact on Equity Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of CC Consulting, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger and the Trial Balance as soon as you click "Record Entry". Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger General Ledger Tab - 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. Abnormal balances appear in parentheses. Click on any amount to see the underlying journal entry. Trial Balance Tab - A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. If your trial balance doesn't balance, review your journal entries on the general journal tab. Income Statement Tab - Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. Statement of Retained Earnings Tab - Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the owner's capital balance. Balance Sheet Tab - Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate. Impact on Equity Tab - Using the dropdown buttons, indicate the impact each item has on total equity. Compare the total with the amount of equity reported on the balance sheet. Regulament General Journal > View transaction list Journal entry worksheet 14 N Sept. 5) The company purchased $4,400 of office supplies on credit. Note: Enter debits before credits. Date Account Title Debit Credit Sep 05 Record entry Clear entry View general journal Journal entry worksheet Sept. 7) Collins invested her personal automobile in the company in exchange for more common stock. The automobile has a value of $21,300 and is to be used exclusively in the business. Note: Enter debits before credits. Account Title Debit Credit Date Sep 07 Record entry Clear entry View general journal Journal entry worksheet Sept. 9) The company purchased $9,300 of additional office equipment on credit. Note: Enter debits before credits. Date Account Title Debit Credit Sep 09 Record entry Clear entry View general journal Journal entry worksheet 7 Sept. 15) The company paid $1,400 cash for this month's utilities. Note: Enter debits before credits. Date Account Title Debit Credit Sep 15 Record entry Clear entry View general journal Journal entry worksheet Sep. 27 The company paid $2,800 cash in dividends. General Journal General Ledger Requirement Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal total credits, then there is a journal entry that is out of balance. If you have an abnormal ending balance indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show less CC Consulting Trial Balance September 27, 2020 Account Title Debit Credit $ OS 0 Total Sep. 27 The company paid $2,80 in dividends. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact Equit Using the dropdown buttons, select the item that accurately describes the values that either increase a the retained earnings. CC Consulting Statement of Retained Earnings For Month Ended September 30 Retained earnings, Capital, September 1 Retained earnings, September 30 Ending retained earnings is transferred to the: Income Statement Balance Sheet CC Consulting Balance Sheet September 30 4 s Kipped -Book St Retained Earnings Impact on Equity > Impact on Equity $ 0 bed ok Transaction Sept. 1) Collins invested $132,000 cash along with office equipment valued at $27,400 in exchange for common stock of a new company named CC Consulting Sept. 3) The company purchased land valued at $40,000 and a building valued at $162,400. The purchase is paid with $32,400 cash and a long-term note payable for $170,000 Sept. 5) The company purchased $4,400 of office supplies on credit Sept. 7) Collins invested her personal automobile in the company in exchange for more common stock. The automobile has a value of $21,300 and is to be used exclusively in the business. Sept. 9) The company purchased $9,300 of additional office equipment on credit Sept. 11) The company paid $2,250 cash salary to an assistant Sept. 13) The company provided services to a client and collected $6,300 cash. Sept. 15) The company paid $1,400 cash for this month's utilities Sept. 17) The company paid $4,400 cash to settle the account payable created on September 5. Sept. 19) The company purchased $20,300 of new office equipment by paying $20,300 cash Sept. 21) The company completed $7,000 of services for a client, who must pay within 30 days. Sept. 23) The company paid $2,250 cash salary to an assistant Sept. 25) The company received $5,000 cash in partial payment on the receivable created on September 21 Sept. 27) The company paid $2,800 cash in dividends. Sept. 11) The company paid $2,250 cash salary to an assistant Sept. 13) The company provided services to a client and collected $6,300 cash. Sept. 15) The company paid $1,400 cash for this month's utilities Sept. 17) The company paid $4,400 cash to settle the account payable created on September 5. Sept. 19) The company purchased $20,300 of new office equipment by paying $20,300 cash. Sept. 21) The company completed $7,000 of services for a client, who must pay within 30 days. Sept. 23) The company paid $2,250 cash salary to an assistant Sept. 25) The company received $5,000 cash in partial payment on the receivable created on September 21. Sept. 27) The company paid $2,800 cash in dividends. Total impact on equity $ 0 Balance Sheet Impact on Equity