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.
| January 1 | S. Lewis, owner, invested $163,750 cash in the company in exchange for common stock. |
|---|---|
| January 2 | The company purchased supplies for $3,350 cash. |
| January 3 | The company purchased $12,050 of equipment on credit. |
| January 4 | The company received $19,700 cash for services provided to a customer. |
| January 5 | The company paid $12,050 cash to settle the payable for the equipment purchased on January 3. |
| January 6 | The company billed a customer $4,800 for services provided. |
| January 7 | The company paid $3,325 cash for the monthly rent. |
| January 8 | The company collected $2,700 cash as partial payment for the account receivable created on January 6. |
| January 9 | The company paid $13,100 cash in dividends to the owner (sole shareholder). |
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