Solve

Using the following transactions, record journal entries, create financial statements, and assess the Impact of each transaction on the financial statements. March 1 Kuhl invested $171,090 cash along with $22,700 in office equipment in the company in exchange for common stock. March 2 The company prepaid $12,090 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 $3,700 and office supplies for $1,909. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $4,700 cash. March 9 The company completed a $8, 200 project for a client, who must pay within 30 days. March 12 The company paid $5,600 cash to settle the account payable created on March 3. March 19 The company paid $5,700 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 $4,900 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $4,600 on credit. March 29 The company paid $5,800 cash in dividends. March 30 The company purchased $1, 300 of additional office supplies on credit. March 31 The company paid $1, 200 cash for this month's utility bill. Requirement General General Trial Balance Income t Retained Ledger Balance Sheet Impact on Journal Statement Earnings Equity The expanded accounting equation shows the four subsets of equity: Revenues, Expenses, stockholder investments and dividends. Using the dropdown buttons, indicate the impact each transaction has on total equity (if any). Compare the total with the amount of equity reported on the balance sheet. Show less A Transaction Impact on Equity March 1) Kuhl invested $171,000 cash along with $22,700 in office equipment in the company in exchange for common stock. March 2) The company prepaid $12,000 cash for six months rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. Decreased equity - Dividends March 3) The company made credit purchases of office equipment for $3,700 and office supplies for $1,900. Payment Decreased equity - Expense s due within 10 days. March 6) The company completed services for a client and Increased equity - Revenue immediately received $4,700 cash. Increased equity - Stockholder investment March 9) The company completed a $8,200 project for a client, who must pay within 30 days. No change in equity March 12) The company paid $5,800 cash to settle the account payable created on March 3 March 19) The company paid $5,700 cash for the premium on 3 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 22) The company received $4,800 cash as partial payment for the work completed on March 9. Mar. 25) The company completed work for another client for $4,600 on credit. March 29) The company paid $5,800 cash in dividends March 30) The company purchased $1,300 of additional office supplies on credit. March 31) The company paid $1,200 cash for this month's utility bill. Total impact on equityIvan Kuhl opens a web consulting business called kuhl 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. March 1 Kuhl invested $171,090 cash along with $22,709 in office equipment in the company in exchange for common stock. March 2 The company prepaid $12,090 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 $3, 700 and office supplies for $1,909. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $4, 700 cash. March 9 The company completed a $8, 200 project for a client, who must pay within 30 days. March 12 The company paid $5,600 cash to settle the account payable created on March 3. March 19 The company paid $5,709 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 $4,900 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $4,609 on credit. March 29 The company paid $5,800 cash in dividends. March 30 The company purchased $1, 309 of additional office supplies on credit. March 31 The company paid $1, 200 cash for this month's utility bill. * Answer is not complete. General General Requirement Income St Retained Journal Ledger Trial Balance Statement Balance Sheet Impact on Earnings Equity KUHL CONSULTING Balance Sheet March 31 Assets: Cash 150,300 Accounts receivable 7,900 Office equipment 26,400 Office supplies 3,200 Total Assets 187,800 Liabilities Accounts payable 1,300 Total Liabilities 1.300 Equity: Common stock 193,700 Retained earnings 10,500 Total Equity 204,200 205.500 GL0206 (Algo) - Based on Problem 2-3A Ivan Kuhl opens a web consulting business called Kuhl 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 March 1 Kuhl invested $171,080 cash along with $22,709 in office equipment in the company in exchange for common stock. March 2 The company prepaid $12,090 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 $3,700 and office supplies for $1,909. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $4, 700 cash. March 9 The company completed a $8, 200 project for a client, who must pay within 30 days. March 12 The company paid $5,600 cash to settle the account payable created on March 3. March 19 The company paid $5,700 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 $4,900 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $4,600 on credit. March 29 The company paid $5,800 cash in dividends. March 30 The company purchased $1, 300 of additional office supplies on credit. March 31 The company paid $1, 200 cash for this month's utility bill. x Answer is not complete. Requirement General General Income St Retained Impact on Journal Ledger Trial Balance Statement Earnings Balance Sheet Equity Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the retained earnings. KUHL CONSULTING Statement of Retained Earnings For Month Ended March 31 Retained earnings, March 1 Add: Net income 16,300 16,300 16,300 Less: Dividends 5,800 5,800 Retained earnings, March 31 10,500 GLO206 (Algo) - Based on Problem 2-3A Ivan Kuhl opens a web consulting business called Kuhl 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. March 1 Kuhl invested $171,090 cash along with $22,700 in office equipment in the company in exchange for common stock. March 2 The company prepaid $12,090 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 $3,700 and office supplies for $1,909. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $4,700 cash. March 9 The company completed a $8, 200 project for a client, who must pay within 30 days. March 12 The company paid $5,609 cash to settle the account payable created on March 3. March 19 The company paid $5,700 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 $4,900 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $4,600 on credit. March 29 The company paid $5,800 cash in dividends. March 30 The company purchased $1, 300 of additional office supplies on credit. March 31 The company paid $1, 200 cash for this month's utility bill. * Answer is not complete. Requirement General General Trial Balance Income St Retained Balance Sheet Impact on Journal Ledger Statement Earnings Equity 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 KUHL CONSULTING Income Statement For Month Ended March 31 Revenues: Services revenue 17,500 Total revenues S 17.500 Expenses: Utilities expense 1,200 Total expenses 1.200 Net income 16,300