Question

Rhonda Richards opens a web consulting business called Dairy Plus and completes the following transactions in its first month of operations. 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. Apr. 1 Richards invented $134,000 cash along with office equipment valued at $35,000 in the company. Apr. 2 The company prepaid $19,800 cash for twelve months' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 3 The company made credit purchases for $9,800 in office equipment and $5,400 in office supplies. Payment is due within 10 days. Apr. 6 The company completed services for a client and immediately received 59,400 cash. Apr. 9 The company completed a $15,000 project for a client, who o Pay within 30 days. Apr. 13 The company paid $15,200 cash to settle the account payable created on April 3. Apr. 19 The company paid $6,720 cash for the premium on a 12-month L ERCH polley. The company's polley La record prepaid expenses in balance sheet accounts. Apr. 22 The company received $9,000 cash as partial payment for the work completed on April Apr. 25 The company completed work for another client for 55.700 on credit. Apr. 28 Richards withdrew $5,700 cash from the company for personal Apr. 29 The company purchased $2,400 of additional office supplies on credit. Apr. 30 The company paid $2,300 cash for this month's utility bill.

Answer 1

Transaction date	Net Income	Total Assets	Total Liabilities	Total equity		Details:
	Income Statement	Balance Sheet	Balance Sheet	Balance Sheet
1-Apr		169000		169000		cash, common stock
2-Apr		19800, -19800				Prepaid rent, cash
3-Apr		15200	15200			AP
6-Apr	9400	9400
9-Apr	15000	15000				AR
13-Apr		-15200	-15200
19-Apr		6720, -6720				Cash -, Prep Ins +
22-Apr		9000, -9000				Cash +, AR -
25-Apr	5700	5700				AR
28-Apr		-5700		-5700
29-Apr		2400	2400			supplies, AP
30-Apr	-2300	-2300				utility exp, cash