Question

This problem is based on the transactions for the OnPoint 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. Dec Dec 1 on December 1, Molly Meng forms a consulting business, named onPoint. OnPoint receives $34,000 cash from Molly Meng in exchange for common stock. Dec 2. Onpoint pays $2,700 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. 3 OnPoint pays $30,000 cash for equipment Dec 4 Onpoint purchases $7,450 of supplies on credit from a supplier, CalTech Supply. Dec 5 Onpoint provides consulting services and immediately collects $4,400 cash. Dec 6 OnPoint pays $1,200 cash for December rent. Dec 7 OnPoint pays $900 cash for employee salary. Dec. 8 Onpoint provides consulting services of $1,800 and rents its test facilities for $500. The customer is billed $2,300 for these services. 9 OnPoint receives $2,300 cash from the client billed on December 8. Dec. 10 OnPoint pays CalTech Supply $1,100 cash as partial payment for its December 4 $7,450 purchase of supplies. Dec 11 OnPoint pays $400 cash for dividends. Dec 12 OnPoint receives $3,200 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 Onpoint pays $2,600 cash (insurance premium) for a 24.onth insurance policy. Coverage begins on December 1. The company's policy is to record all prepaid expenses in a balance sheet account. Dec 14 OnPoint pays $320 cash for supplies. Dec 15 Onpoint pays $505 cash for December utilities expense. Dec 16 Onpoint pays $800 cash in employee salary for work performed in the latter part of December Dec Answer is not complete. General Journal Requirement General Ledger Trial Balance Income Statement Balance Sheet St Retained Earnings FS Impact < Prey 11 of 20 !!! Next >

general entry journal 8,9,10,12 ?

Answer 1

Answer

• Journal entries 8,9,10, and 12

Date	Account titles	Debit	Credit
Dec-08	Accounts receivables	$2,300
	Service revenue [or Consulting Revenue]		$1,800
	Rent Revenue		$500
Dec-09	Cash	$2,300
	Account receivables		$2,300
	(to record cash receipt)
Dec-10	Accounts Payable	$1,100
	Cash		$1,100
	(to record cash paid)
Dec-12	Cash	$3,200
	Unearned Fees Revenue		$3,200
	(to record advance received)