This problem is based on the transactions for the Comic Stand 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.

This problem is based on the transactions for the Comic Stand 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, Brian Aloan forms a consulting business, named Comic Stand. Comic Stand receives $52,000 cash from Brian Aloan in exchange for common stock. December 2 Comic Stand pays $3,600 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 Comic stand pays $36,000 cash for equipment. December 4 Comic Stand purchases $8,800 of supplies on credit from a supplier, CalTech Supply. December 5 Comic stand provides consulting services and immediately collects $5,300 cash. December 6 Comic Stand pays $2,100 cash for December rent. December 7 Comic stand pays $1,800 cash for employee salary. December 8 Comic Stand provides consulting services of $2,700 and rents its test facilities for $1,400. The customer is billed $4,100 for these services. December 9 Comic Stand receives $4,100 cash from the client billed on December 8. December 10 Comic Stand pays CalTech Supply $2,000 cash as partial payment for its December 4 $8,800 purchase of supplies. December 11 Comic Stand pays $500 cash for dividends. December 12 Comic stand receives $3,300 cash in advance of providing consulting services to a customer. The company's policy is to record fees collected in advance in a balance sheet account. December 13 Comic Stand pays $3,500 cash (insurance premium) 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 Comic Stand pays $1,220 cash for supplies. December 15 Comic Stand pays $1,405 cash for December utilities expense. December 16 Comic Stand pays $1,250 cash in employee salary for work performed in the latter part of December