Question: I really need help on figuring out the FS impact on my accounting assignment and to how you have solved it. Jim Carey opens a

I really need help on figuring out the FS impact on my accounting assignment and to how you have solved it.
I really need help on figuring out the FS impact on my
accounting assignment and to how you have solved it. Jim Carey opens
a web consulting business called Forever Fitness and completes the following transactions

Jim Carey opens a web consulting business called Forever Fitness and completes the following transactions in its first month of operations. 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. Apr11 1 Carey invested $155,000 cash along with office equipment valued at $38,500 in the coapany in exchange for comenon stock. Apri1 2 The coapany prepaid $24,000 cash for 12 months' rent for office space. The company's policy is to record Aprepaid expensen in balance aheet accounts. April 3 The conpany rade oredit parchases for $10,500 in office equipment and $6,100 in office saphiles. Fayment is due within 10 daya. Apri1 6 the company corpleted services for a client and innediately recolved $11,500 cash. April 9 The company conpleted a $18,500 project for a client, who mast pay within 30 days. Apri1 13 The conpany pald $16,600 eash to settle the account payable created on april 3 . Apri1 19 The company paid $8,400 cash for the prenium on a 12-month prepaid inaurance policy. The coapany's policy is to record prepaid expensea in balance ahoet accounts. Apri1 22 The company received $11,100 cash as partial paynent for the work eonpleted on april 9. April 25 The cospany conpleted work for another elient for $6,400 on credit. Apr11 28 the conpany paid $5,600 caeh in dividends. Apri1 29 The company purchased $3,100 of additional office supplies on credit, April 30 The conpany paid $2,100 cash for this nonth's atility bill. 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 Llabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your work by selecting the date on the trial balance tab.) The first two transactions are completed for you! Fach journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your joumal entries by account titie. Click on any of the individual amounts to return to the underfying fournal entry. \begin{tabular}{|l|c|r|r|r|} \hline \multicolumn{5}{|c|}{ Dividends } \\ \hline No. & Date & \multicolumn{1}{|c|}{ Deblt } & Credit & \multicolumn{1}{c|}{ Balance } \\ \hline & Apr01 & & & 0 \\ \hline A 10 & Apnl 28 & 5,600 & & 5,600 \\ \hline \end{tabular} \begin{tabular}{|l|c|c|c|r|} \hline \multicolumn{5}{|c|}{ Utilities expense } \\ \hline No & Date & Dobit & Credit & Balance \\ \hline & Apri 01 & & & 0 \\ \hline EI 12 & Apri 30 & 2,100 & & 2,100 \\ \hline \end{tabular}

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