Question & Answer: ow/connect.html problem is based on the transactions for the Solid Systems Company in your text Prepare journal entries for each transactio…..

ow/connect.html problem is based on the transactions for the Solid Systems Company in your text Prepare journal entries for each transaction ntity the financial statement impact of each entry The financial statements are automatically generated based on the journal ent oided c 1 0n December 1, April Mohr forms a consulting business, named solid Systems. Solid Systems rece $86,00e cash from April Mohr as an owner contribution. id systems pays $5, 300 cash for supplies. The companys policy is to record all prepaid expenses in asset accounts. ec. 3 solid Systems pays $76,800 cash for equipment. ec. A solid Systems purchases $11,3se of supplies on credit from a supplier, calTech Supply. c5 solid systens provides consulting services and inmediately collects s7,0 cash. ec. 6 Solid Systems pays $3,880 cash for December rent Dec. a solid systems provides consuit ing services of 30, 100 and rents its test facilities for $4,800. The Dec so11a systems pays calfech Supply so cah as partial pyment for its December 4 511,150 Dec. 11 April Mohr withdraws $2,200 cash from solid Systems for personal use customer is billed $10,980 for these services purchase of supplies Dec. 12 solid systems receives $5,000 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 Dec. 13 Solid Systems pays $5,200 cash (insurance premium) for a 24 month insurance policy. coverage begins on December 1. The companys policy is to record all prepaid expenses in a balance sheet account Dec. 14 solid Systems pays $2,920 cash for supplies. D Dec. 15 Solid Systems pays $3,165 cash for Decenber utilities expense Dec. 16 solid Systems pays $2,100 cash in esployee salary for work performed in the latter part of Decenber Journal Gener㎡ Tnai Balance statement st owners alance sleet Fs-Impact General Journal Tab-For each transaction, prepare therequired General Ledger Fab One of the advantages of general ledger entry on the General Journal tab. List debits before credits. s that posting is done automatically. To see the detail of all transactions affect a soecific ount, or the balance in an accuunet or the General Ledaer tab くPrev 2012111
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ow/connect.html problem is based on the transactions for the Solid Systems Company in your text Prepare journal entries for each transaction ntity the financial statement impact of each entry The financial statements are automatically generated based on the journal ent oided c 1 0n December 1, April Mohr forms a consulting business, named solid Systems. Solid Systems rece $86,00e cash from April Mohr as an owner contribution. id systems pays $5, 300 cash for supplies. The company’s policy is to record all prepaid expenses in asset accounts. ec. 3 solid Systems pays $76,800 cash for equipment. ec. A solid Systems purchases $11,3se of supplies on credit from a supplier, calTech Supply. c5 solid systens provides consulting services and inmediately collects s7,0 cash. ec. 6 Solid Systems pays $3,880 cash for December rent Dec. a solid systems provides consuit ing services of 30, 100 and rents its test facilities for $4,800. The Dec so11a systems pays calfech Supply so cah as partial pyment for its December 4 511,150 Dec. 11 April Mohr withdraws $2,200 cash from solid Systems for personal use customer is billed $10,980 for these services purchase of supplies Dec. 12 solid systems receives $5,000 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 Dec. 13 Solid Systems pays $5,200 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 Dec. 14 solid Systems pays $2,920 cash for supplies. D Dec. 15 Solid Systems pays $3,165 cash for Decenber utilities expense Dec. 16 solid Systems pays $2,100 cash in esployee salary for work performed in the latter part of Decenber Journal Gener㎡ Tnai Balance statement st owners” alance sleet Fs-Impact General Journal Tab-For each transaction, prepare therequired General Ledger Fab One of the advantages of general ledger entry on the General Journal tab. List debits before credits. s that posting is done automatically. To see the detail of all transactions affect a soecific ount, or the balance in an accuunet or the General Ledaer tab くPrev 2012111

Expert Answer

 

Transaction Net Income Total assets Total liabilities Total equity
Dec 1 0 86000 0 86000
Dec 2 0 86000 0 86000
(+5300 & -5300)
Dec 3 0 86000 0 86000
(+70000 & -70000)
Dec 4 0 97350 11350 86000
(86000+11350)
Dec 5 7000 104350 11350 86000
(97350+7000)
Dec 6 3200 100550 11350 86000
(7000-3800) (104350-3800)
Dec 7 900 98250 11350 86000
(3200-2300) (100550-2300)
Dec 8 11800 109150 11350 86000
(900+10900) (98250+10900)
Dec 9 11800 109150 11350 86000
(+10900 & -10900)
Dec 10 8100 105450 11350 86000
(11800-3700) (109150-3700)
Dec 11 8100 103250 11350 83800
(105450-2200) (86000-2200)
Dec 12 8100 108250 16350 83800
(103250+5000) (11350+5000)
Dec 13 8100 108250 16350 83800
(+5200 & -5200)
Dec 14 8100 108250 16350 83800
(+2920 & +2920)
Dec 15 4995 105145 16350 83800
(8100-3105) (108250-3105)
Dec 16 2895 103045 16350 83800
(4995-2100) (105145-2100)
Note : Transaction dates are mentioned instead of the transactions

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