- Paul Clark Opens A Web Consulting Business Called Clark Consulting And Completes The Following Transactions In March Us 1 (269.77 KiB) Viewed 41 times
Paul Clark opens a web consulting business called Clark 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 Clark invested $192,000 cash along with $23,400 in office equipment in the
company. Mar. 2 The
company prepaid $10,000 cash for six months' rent for an office. The
company's policy is to record prepaid expenses in balance sheet accounts. 3 The
company made credit purchases of office equipment for $4,400 and office supplies for $2,600. Payment is due within 10 days. Mar. 6 The
company completed services for a client and immediately received $5,400 cash. Mar. 9 The
company completed a $8,900 project for a client, who must pay within 30 days. Mar. 12 The
company paid $7,000 cash to settle the account payable created on March 3. Mar. 19 The
company paid $6,700 cash for the premium on a 12-month insurance policy. The
company's policy is to record prepaid expenses in balance sheet accounts. Mar. Mar. 22 The
company received $5,300 cash as partial payment for the work completed on March 9. Mar. 25 The
company completed work for another client for $5,300 on credit. Mar. 29 Clark withdrew $5,700 cash from the
company for personal use. Mar. 30 The
company purchased $1,200 of additional office supplies on credit. Mar. 31 The
company paid $1,100 cash for this month's utility bill. Requirement General Journal Revenues: General Ledger Services revenue Trial Balance Income
Statement Clark Consulting Income
Statement For Month Ended March 31, 2019 St Owners Equity Using the dropdown buttons, select the financial
statement elements and account titles to be included on the income
statement. The account balances will automatically populate. Balance Sheet Impact on Equity