(Solved): identify the financial statement impact of each entry. The financial statements are automatically g ...

identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. December 1 On Decenber 1, Ivan Kuht forms a consulting business, named Photo Sense. Photo Sense receives \( \$ 44,800 \) cash from Ivan Kuhi in exchange for conmon stock. December 2 Photo Sense pays \( \$ 3,200 \) cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 Photo Sense pays \( \$ 46,000 \) cash for equipment. December 4 Photo Sense purchases \( \$ 8,200 \) of supplies on credit from a supplier, CalTech Supply. December 5 Photo Sense provides consulting services and immediately collects \( \$ 4,900 \) cash. December 6 Photo Sense pays \( \$ 1,700 \) cash for Decenber rent. December 7 Photo Sense pays \( \$ 1,460 \) cash for employee salary. December B Photo Sense provides consulting services of \( \$ 2,300 \) and rents its test facilities for \( \$ 1,000 \). The customer is billed \( \$ 3,300 \) for these services. December 9 Photo Sense receives \( \$ 3,300 \) cash from the client billed on December \( 8 . \) December 10 Photo Sense pays Caltech Supply \( \$ 1,600 \) cash as partial payment for its December \( 4 \$ 88,200 \) purchase of December 11 photo Sense pays \( \$ 980 \) cash for dividends. Decenber 12 Photo Sense receives \( \$ 3,700 \) 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. becenber 13 Photo Sense pays \( \$ 3,100 \) cash (insurance prenium) for a 24-month insurance policy. Coverage begins on December 14 Photo Sense pays \( \$ 820 \) cash for supplies. Decenber 15 photo Sense pays \( \$ 1,605 \) cash for December utilities expense. December 16 Photo Sense pays \( \$ 1,050 \) cash in employee salary for work performed in the latter part of December. Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of the Photo Sense Company, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions o Photo Sense Company, entering the debits before the credits. Each transaction will automatically be posted to the General and the Trial Balance as soon as you click "Record Entry". Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the fournal entries are correct. < Trial Balance Review the statement of retained earnings and indicate how the statement is linked to the other financial statements.