John Ryan opens a web consulting business called Ryan 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 Ryan invested $174,000 cash along with $22,800 in office equipment in the company in exchange for common stock. Mar. 2 The company prepaid $6,000 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 $3,800 and office supplies for $2,000. Payment is due within 10 days. Mar. 6 The company completed services for a client and immediately received $4,800 cash. Mar. 9 The company completed a $8,300 project for a client, who must pay within 30 days. Mar. 12 The company paid $5,800 cash to settle the account payable created on March 3. Mar. 19 The company paid $5,800 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 22 The company received $5,000 cash as partial payment for the work completed on March 9. Mar. 25 The company completed work for another client for $4,700 on credit. Mar. 29 The company paid $5,100 cash in dividends. Mar. 30 The company purchased $600 of additional office supplies on credit. Mar. 31 The company paid $500 cash for this month's utility bill. RYAN CONSULTING Income Statement For Month Ended March 31 RYAN CONSULTING Statement of Retained Earnings For Month Ended March 31 Retained earnings, March 1 Retained earnings, March 31 Total Liabilities RYAN CONSULTING Balance Sheet March 31 Transaction Mar. 1) Ryan invested $174,000 cash along with $22,800 in office equipment in the company in exchange for common stock. Mar. 2) The company prepaid $6,000 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 $3,800 and office supplies for $2,000. Payment is due within 10 days. Mar. 6) The company completed services for a client and immediately received $4,800 cash. Mar. 9) The company completed a $8,300 project for a client, who must pay within 30 days. Mar. 12) The company paid $5,800 cash to settle the account payable created on March 3. Mar. 19) The company paid $5,800 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 22) The company received $5,000 cash as partial payment for the work completed on March 9. Mar. 25) The company completed work for another client for $4,700 on credit. Mar. 29) The company paid $5,100 cash in dividends. Mar. 30) The company purchased $600 of additional office supplies on credit. Mar. 31) The company paid $500 cash for this month's utility bill. Total impact on equity Impact on Equity $ 0