Question: Need hell with balance sheet and income statement ! Using the following transactions, record journal entries, create financial statements, and assess the impact of each





Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. March 1 Fields invested $213,000 cash along with $24,100 in office equipment in the company in exchange for common stock. March 2 The company prepaid $8,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. March 3 The company made credit purchases of office equipment for $5,100 and office supplies for $3,300. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $6,100 cash. March 9 The company completed a $9,600 project for a client, who must pay within 30 days. March 12 The company paid $8,400 cash to settle the account payable created on March 3 . March 19 The company paid $8,100 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. March 22 The company received $5,800 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $6,000 on credit. March 29 The company paid $5,600 cash in dividends. March 30 The company purchased $1,100 of additional office supplies on credit. March 31 The company paid $1,000 cash for this month's utility bill. Using the dropdown buttons, select the financial statement elements and account titles to be included on the incom statement. The account balances will automatically populate
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