This problem is based on the transactions for the Solid Systems 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. 1 on December 1, April Mohr forus a consulting business, named Solid Systens. Solid Systems receives $86,000 cash from April Dec. 2 Solid Systems pays $5,300 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. Dec. 4 Solid Systems purchases $11, 350 of supplies on credit from a supplier, CalTech Supply. Dec. 5 Solid Systems provides consulting services and immediately collects $7,000 cash. Dec. 6 Solid Systems pays $3,500 cash for December rent. Dec. 7 Solid Systems pays $2,300 cash for employee salary. Dec. 8 Solid Systems provides consulting services of $6,100 and rents its test facilities for 54,800. The customer is billed $10,900 for these services. Dec. 9 Solid Systems receives $19,900 cash from the client billed on December 8. Dec. 10 Solid Systems pays CalTech Supply 53,700 cash as partial payment for its December 4 $11,358 purchase of supplies. Dec. 11 April Mohr withdraws $2,200 cash from Solid Systems for personal use. Dec. 12 Solid Systems receives $5,000 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. Dec. 13 Solid Systems pays $5,200 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. Dec. 14 Solid Systems pays $2,920 cash for supplies. Dec. 15 Solid Systems pays $3,105 cash for December utilities expense. Dec. 16 Solid Systems pays $2,100 cash in employee salary for work performed in the latter part of December. General General Income St Owners Requirement Trial Balance Journal Balance Sheet Ledger Statement Equity General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits General Ledger Tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance Tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Income Statement Tab - The revenue and expense balances from the trial balance appear on the income statement, along with their balance as of the date selected. Review the income statement and indicate how the income statement is linked to the other financial statements. Statement of Owner's Equity Tab - Owner Investments and withdrawals, as reported on the trial balance, appear on the statement of owner's equity. Review the statement of owner's equity and indicate how the statement of owner's equity is linked to the other financial statements. Balance Sheet Tab - Each asset and liability account balance, as reported on the trial balance, appears on the balance sheet, along with the ending capital balance. Review the balance sheet and then indicate how the balance sheet is linked to the other financial statements