This problem is based on the transactions for the Sweet Homes Company in your text. Prepare journal entries for each tra

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This Problem Is Based On The Transactions For The Sweet Homes Company In Your Text Prepare Journal Entries For Each Tra 1 (60.8 KiB) Viewed 16 times

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This problem is based on the transactions for the Sweet Homes 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. December 1 On December 1, Mike Sweet forms a consulting business, named Sweet Homes. Sweet Homes receives $68,000 cash from Mike Sweet in exchange for common stock. December 2 Sweet Homes pays $4,400 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 Sweet Homes pays $52,000 cash for equipment. December 4 Sweet Homes purchases $10,000 of supplies on credit from a supplier, CalTech Supply. December 5 Sweet Homes provides consulting services and immediately collects $6,100 cash. Sweet Homes pays $2,900 cash for December rent. December 7 Sweet Homes pays $1,400 cash for employee salary. December 6 December 8 Sweet Homes provides consulting services of $4,300 and rents its test facilities for $3,000. The customer is billed $7,300 for these services. December 9 Sweet Homes receives $7,300 cash from the client billed on December 8. December 10 Sweet Homes pays CalTech Supply $2,800 cash as partial payment for its December 4 $10,000 purchase of supplies. December 11 Sweet Homes pays $1,300 cash for dividends. December 12 Sweet Homes receives $4,100 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. December 13 Sweet Homes pays $4,300 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. Sweet Homes pays $2,020 cash for supplies. December 14 December 15 December 16 Sweet Homes pays Sweet Homes pays $2,205 cash for December utilities expense. $1,650 cash in employee salary for work performed in the latter part of December. Requirement General St Retained General Ledger Trial Balance Journal Income Statement Earnings Balance Sheet FS Impact 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 answers by selecting the date on the trial balance tab.) The first 3 transactions are completed for you! Show less A Tatal
Revenues Consulting revenue Rental revenue Total revenues Expenses Sweet Homes Income Statement For Month ended December 31, 2021 $ 10,400 3,000 3,050 2,900 2,205 Salaries expense Rent expense Utilities expense Total expenses Net income Net income or loss is transferred from the income statement to the: $ $ 13,400 8,155 5,245
Sweet Homes Statement of Retained Earnings For Month ended December 31, 2021 $ Retained earnings, December 1, 2021 Add: Net income Less: Dividends Retained earnings, December 31, 2021 Ending retained earnings is transferred to the: $ 0 5,245 (1,300) 3,945
ces Sweet Homes Balance Sheet December 31, 2021 Assets Cash Supplies Prepaid insurance Equipment Total assets Liabilities Accounts payable Unearned consulting revenue Total liabilities Equity Common stock Retained earnings Total equity Total liabilities and equity The balance in retained earnings comes from the: 4 $ $ $ $ 10,525 16,420 4,300 52,000 83,245 7,200 4,100 11,300 68,000 3,945 71,945 83,245
Transaction: Where can you go to find each of your answers? December 1- Sweet Homes receives $68,000 cash from Mike Sweet in exchange for common stock. December 2-Pays $4,400 cash for supplies. December 3-Pays $52,000 cash for equipment. December 4-Purchases $10,000 of supplies on credit from a supplier. December 5- Provides consulting services and immediately collects $6,100 cash. December 6-Pays $2,900 cash for December rent. December 7-Pays $1,400 cash for employee salary. December 8-Provides consulting services of $4,300 and rents its test facilities for $3,000. The customer is billed $7,300 for these services. December 9-Receives $7,300 cash from the client billed on December 8. December 10- Pays CalTech Supply $2,800 cash toward the payable from December 4. December 11- Sweet Homes pays $1,300 cash for dividends. December 12- Receives $4,100 cash in advance of providing consulting services to a customer. December 13-Pays $4,300 cash (insurance premium) for a 24-month insurance policy. Coverage begins on December 1. December 14- Pays $2,020 cash for supplies. December 15- Pays $2,205 cash for December utilities expense. December 16-Pays $1,650 cash in employee salary for work performed in the latter part of December Net Income Total Assets $ Total Liabilities 0 $ 68,000 $ 0 68,000 68,000 0 Total Equity 68,000 68,000 68,000 0 $ 0 0