Question

Brian Aloan opens a web consulting business called Aloan Consulting and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. Mar. 1 Aloan invested $183,000 cash along with $23,100 in office equipment in the company in exchange for common stock. Mar. 2 The company prepaid $12,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 3 The company made credit purchases of office equipment for $4,100 and office supplies for $2,300. Payment is due within 10 days. Mar. 6 The company completed services for a client and immediately received $5,100 cash. Mar. 9 The company completed a $8,600 project for a client, who must pay within 30 days. Mar. 12 The company paid $6,400 cash to settle the account payable created on March 3. Mar. 19 The company paid $6,100 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 22 The company received $5,200 cash as partial payment for the work completed on March 9. Mar. 25 The company completed work for another client for $5,000 on credit. Mar. 29 The company paid $5,400 cash in dividends. Mar. 30 The company purchased $900 of additional office supplies on credit. Mar. 31 The company paid $800 cash for this month's utility bill. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Equity Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of Aloan Consulting, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger and the Trial Balance as soon as you click "Record Entry". Show less View transaction list Journal entry worksheet 2 3 4 5 6 7 8 12 Mar. 1) Aloan invested $183,000 cash along with $23,100 in office equipment in the company in exchange for common stock. Note: Enter debits before credits. Date Account Title Debit Credit Mar 01

Answer 1

General Journal:

Date	Account Title	Debit	Credit
Mar. 1	Cash	$183,000
	Office Equipment	$23,100
	Common Stock ($183,000 + $23,100)		$206,100
	(To record the cash and office equipment invested into the business)
Mar. 2	Prepaid Rent	$12,000
	Cash		$12,000
	(To record the prepayment of rent by cash)
Mar. 3	Office Equipment	$4,100
	Office Supplies	$2,300
	Accounts Payable ($4,100 + $2,300)		$6,400
	(To record the purchase of office equipment and supplies on account)
Mar. 6	Cash	$5,100
	Service Revenue		$5,100
	(To record the service revenue earned and received cash)
Mar. 9	Accounts Receivable	$8,600
	Service Revenue		$8,600
	(To record the services provided on account)
Mar. 12	Accounts Payable	$6,400
	Cash		$6,400
	(To record the payment made to creditors)
Mar. 19	Prepaid Insurance	$6,100
	Cash		$6,100
	(To record the prepayment of insurance by cash)
Mar. 22	Cash	$5,200
	Accounts Receivable		$5,200
	(To record the collection of cash from debtors)
Mar. 25	Accounts Receivable	$5,000
	Service Revenue		$5,000
	(To record the services provided on account)
Mar. 29	Dividends	$5,400
	Cash		$5,400
	(To record the payment of cash dividends)
Mar. 30	Office Supplies	$900
	Accounts Payable		$900
	(To record the purchase of office supplies on account)
Mar. 31	Utilities Expense	$800
	Cash		$800
	(To record the payment of monthly utilities bill)

Note: Please do not give me the negative rating for not answering all the requirement as i have answered the given requirement only