This problem is based on the transactions for the Business Mastery Company in your text. 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.

December $1$ On December $1,$ Michael Masters forms a consulting business, named Business Mastery. Business Mastery receives $$84,000$ cash from Michael Masters as an owner contribution.

December $2$ Business Mastery pays $$5,200$ cash for supplies. The company's policy is to record all prepaid expenses in asset accounts.

December $3$ Business Mastery pays $$68,000$ cash for equipment.

December $4$ Business Mastery purchases $$11,200$ of supplies on credit from a supplier, CalTech Supply.

December $5$ Business Mastery provides consulting services and immediately collects $$6,900$ cash.

December $6$ Business Mastery pays $$3,700$ cash for December rent.

December $7$ Business Mastery pays $$2,200$ cash for employee salary.

December $8$ Business Mastery provides consulting services of $$5,900$ and rents its test facilities for $$4,600.$ The customer is billed $$10,500$ for these services.

December $9$ Business Mastery receives $$10,500$ cash from the client billed on December $8.$

December $10$ Business Mastery pays CalTech Supply $$3,600$ cash as partial payment for its December $4$ $$11,200$ purchase of supplies.

December $11$ Michael Masters withdraws $$2,100$ cash from Business Mastery for personal use.

December $12$ Business Mastery receives $$4,900$ cash in advance of providing consulting services to a customer. The company solicy is to record fees collected in advance in a balame sheet account.

December $13$ Business Mastery pays $$5,100$ cash $($insurance premsum$)$ for a $24-$month insurance policy. Coverage begins on December $1.$ The company's policy is to record all prepaid expenses in a balance sheet account.

December $14$ Business Mastery pays $$2,820$ cash for supplies.

December $15$ Business Mastery pays $$3,005$ cash for December utilities expense.

December $16$ Business Mastery pays $$2,050$ cash in employee salary for work performed in the latter part of December.