Home Content M Question 2 - Wk 3 - Apply: Summative pply: Summative Assessment [due Day 7] i Saved Help Save Ronnie Walsh opens a web consulting business called Walsh 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. Mar . 1 Walsh invested $216, 000 cash along with $24, 200 in office equipment in the company. Mar. 2 The company prepaid $10,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 3 The company made credit purchases of office equipment for $5,200 and office supplies for $3, 400. Payment is due within 10 days. Mar . 6 The company completed services for a client and immediately received $6,200 cash. Mar. 9 The company completed a $9,700 project for a client, who must pay within 30 days. Mar. 12 The company paid $8, 600 cash to settle the account payable created on March 3. Mar. 19 The company paid $8,300 cash for the premium on a 12-month insurance policy. The company's policy is to record ces prepaid expenses in balance sheet accounts. Mar. 22 The company received $5,800 cash as partial payment for the work completed on March 9. Mar. 25 The company completed work for another client for $6, 100 on credit. Mar. 29 Walsh withdrew $5,700 cash from the company for personal use. Mar. 30 The company purchased $1, 200 of additional office supplies on credit. Mar. 31 The company paid $1, 100 cash for this month's utility bill. General Income Requirement General Trial Balance St Owners Equity Balance Sheet Impact on Journal Ledger Statement 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 Owner's Equity 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 includedwithin 10 days. upplies for $3, 400. Payme Mar. 6 The company completed services for a client and immediately received $6, 200 cash. Mar . 9 The company completed a $9, 700 project for a client, who must pay within 30 days. Mar. 12 The company paid $8, 600 cash to settle the account payable created on March 3. Mar. 19 The company paid $8, 300 cash for the premium on a 12-month insurance policy. The company's policy is to prepaid expenses in balance sheet accounts. Mar. 22 The company received $5,800 cash as partial payment for the work completed on March 9. Mar. 25 The company completed work for another client for $6, 100 on credit. Mar. 29 Walsh withdrew $5, 700 cash from the company for personal use. Mar. 30 The company purchased $1, 200 of additional office supplies on credit. Mar. 31 The company paid $1, 100 cash for this month's utility bill. Requirement General General St Owners Journal Ledger Trial Balance Income Statement Equity 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 Owner's Equity 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. Mar. 6 The company completed services for a client and immediately received $6, 200 cash. Mar . 9 The company completed a $9 , 700 project for a client, who must pay within 30 days. Mar. 12 The company paid $8, 600 cash to settle the account payable created on March 3. Mar. 19 The company paid $8, 300 cash for the premium on a 12-month insurance policy. The company's policy prepaid expenses in balance sheet accounts. Mar. 22 The company received $5,800 cash as partial payment for the work completed on March 9. Mar. 25 The company completed work for another client for $6, 100 on credit. Mar. 29 Walsh withdrew $5, 700 cash from the company for personal use. Mar. 30 The company purchased $1, 200 of additional office supplies on credit. Mar. 31 The company paid $1, 100 cash for this month's utility bill. General General Income St Owners Impact on Requirement Journal Ledger Trial Balance Balance Sheet Statement Equity Equity Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. General Ledger Account Data is not available until journal entries have been entered. General Journal Trial Balance >Mar. 6 The company completed services for a client and immediately received $6, 200 cash. Mar. 9 The company completed a $9, 700 project for a client, who must pay within 30 days. Mar. 12 The company paid $8, 600 cash to settle the account payable created on March 3. Mar. 19 The company paid $8, 300 cash for the premium on a 12-month insurance policy. The company's policy is prepaid expenses in balance sheet accounts. Mar. 22 The company received $5,800 cash as partial payment for the work completed on March 9. Mar. 25 The company completed work for another client for $6, 100 on credit. Mar. 29 Walsh withdrew $5, 700 cash from the company for personal use. Mar. 30 The company purchased $1, 200 of additional office supplies on credit. Mar. 31 The company paid $1, 100 cash for this month's utility bill. Requirement General General Impact on Ledger Trial Balance Income St Owners Journal Statement Equity Balance Sheet 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 the total credits, you there is 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 A Walsh Consulting Trial Balance March 31, 2019 Account Title Debit Credit Total $ 0 $ 0