This problem is based on the transactions for the Gourmet Menus 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. Dec. Dec. 1 On December 1, Ed Egert forms a consulting business, named Gourmet Menus. Gourmet Menus receives $36,000 cash from Ed Egert as an owner contribution. Dec. 2 Gourmet Menus pays $2,800 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. 3 Gourmet Menus pays $32,000 cash for equipment. Dec. 4 Gourmet Menus purchases $7,600 of supplies on credit from a supplier, CalTech Supply. Dec. 5 Gourmet Menus provides consulting services and immediately collects $4,500 cash. 6 Gourmet Menus pays $1,300 cash for December rent. Dec. 7 Gourmet Menus pays $1,000 cash for employee salary. Dec. 8 Gourmet Menus provides consulting services of $1,900 and rents its test facilities for $600. The customer is billed $2,500 for these services. Dec. 9 Gourmet Menus receives $2,500 cash from the client billed on December 8. Dec. 10 Gourmet Menus pays CalTech Supply $1,200 cash as partial payment for its December 4 $7,600 purchase of supplies. Dec. 11 Ed Egert withdraws $500 cash from Gourmet Menus for personal use. Dec. 12 Gourmet Menus 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. Dec. 13 Gourmet Menus pays $2,700 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. Dec. 14 Gourmet Menus pays $420 cash for supplies. Dec. 15 Gourmet Menus pays $605 cash for December utilities expense. Dec. 16 Gourmet Menus pays $850 cash in employee salary for work performed in the latter part of December. Requirement General Tournal General Tedoer Income Trial Balance ricel Statement | St Owners Fauity Balance Sheet