Reference no: EM132567913

Question - 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.

Jan. 1 Greg Taylor, owner, invested $139,750 cash in the company.

Jan. 2 The company purchased office supplies for $2,550 cash.

Jan. 3 The company purchased $12,050 of office equipment on credit.

Jan. 4 The company received $18,100 cash as fees for services provided to a customer.

Jan. 5 The company paid $12,050 cash to settle the payable for the office equipment purchased on January 3.

Jan. 6 The company billed a customer $4,000 as fees for services provided.

Jan. 7 The company paid $2,525 cash for the monthly rent.

Jan. 8 The company collected $2,100 cash as partial payment for the account receivable created on January 6.

Jan. 9 Greg Taylor withdrew $11,500 cash from the company for personal use.

-Make a general journal.

-Make the general ledger.

-Make a trial balance.

-Make a income statement.

-Make a statement of owners equity.

-Make a balance sheet.