Question: This problem is based on the transactions for the Dairy Plus Company in your text. Prepare journal entries for each transaction and identify the financial

This problem is based on the transactions for the Dairy Plus 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,

Rhonda Richards forms a consulting business, named Dairy Plus. Dairy Plus receives $

66, 000

cash from Rhonda Richards as an owner contribution.

December

2

Dairy Plus pays $

4, 300

cash for supplies. The company's policy is to record all prepaid expenses in asset accounts.

December

3

Dairy Plus pays $

50, 000

cash for equipment.

December

4

Dairy Plus purchases $

9, 850

of supplies on credit from a supplier, CalTech Supply.

December

5

Dairy Plus provides consulting services and immediately collects $

6, 000

cash.

December

6

Dairy Plus pays $

2, 800

cash for December rent.

December

7

Dairy Plus pays $

1, 300

cash for employee salary.

December

8

Dairy Plus provides consulting services of $

4, 100

and rents its test facilities for $

2, 800 .

The customer is billed $

6, 900

for these services.

December

9

Dairy Plus receives $

6, 900

cash from the client billed on December

8 .

December

10

Dairy Plus pays CalTech Supply $

2, 700

cash as partial payment for its December

4

9, 850

purchase of supplies.

December

11

Rhonda Richards withdraws $

1, 200

cash from Dairy Plus for personal use.

December

12

Dairy Plus receives $

4, 000

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

Dairy Plus pays $

4, 200

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

Dairy Plus pays $

1, 920

cash for supplies.

December

15

Dairy Plus pays $

2, 105

cash for December utilities expense.

December

16

Dairy Plus pays $

1, 600

cash in employee salary for work performed in the latter part of December.

Need help with the completion of this form specifically. Not sure how to

.

Please do not use the previous answers given as they are all wrong!

This problem is based on the transactions for the Dairy Plus

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