Question

The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded.  (Hint: You can check your work by selecting the date on the trial balance tab.)  The first 2 transactions are completed for you!

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Transaction: Net Income Total Assets Total Liabilities Total Equity Where can you go to find each of your answers? Income statement Balance sheet Balance sheet Income statement Jan. 1 - Jean Clark, owner, invested $109,750 cash in the company. $0 $109,750 $0 $109,750 Jan. 2 - The company purchased office supplies for $1,550 cash. 0 109,750 0 109,750 Jan. 3 - The company purchased $16,050 of office equipment on credit. 0 125,800 16,050 109,750 Jan. 4 - The company received $16,100 cash as fees for services provided to a customer. 16,100 141,900 Jan. 5 - The company paid $16,050 cash to settle the payable for the office equipment purchased on January 3. Jan. 6 - The company billed a customer $3,000 as fees for services provided. Jan. 7 - The company paid $1,525 cash for the monthly rent. Jan. 8 - The company collected $1,350 cash as partial payment for the account receivable created on January 6. Jan. 9 - Jean Clark withdrew $10,300 cash from the company for personal use.

Answer 1

Solution-

Transaction:	Net Income	Total Assets	Total Liabilities	Total Equity
	Income Statement	Balance Sheet	Balance Sheet	Balance Sheet
Jan. 1	0	$109,750	0	$109,750
Jan. 2	0	$109,750	0	$109,750
Jan. 3	0	$125,800	$16,050	$109,750
Jan. 4	$16,100	$141,900	$16,050	$125,850
Jan. 5	$16,100	$125,850	0	$125,850
Jan. 6	$19,100	$128,850	0	$128,850
Jan. 7	$17,575	$127,325	0	$127,325
Jan. 8	$17,575	$127,325	0	$127,325
Jan. 9	$17,575	$117,025	0	$117,025