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This problem is based on the transactions for the Comic Stand 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. 1 On December 1, Brian Aloan forms a consulting business, named Comic Stand. Comic Stand receives $52,000 cash from Brian Aloan as an Owner contribution. Dec. 2 Comic Stand pays $3,600 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. 3 Comic Stand pays $36,000 cash for equipment. Dec. 4 Comic Stand purchases $8,00 of supplies on credit from a supplier, CalTech Supply. Dec. 5 Comic Stand provides consulting services and immediately collects $5,300 cash. Dec. 6 Comic Stand pays $2,100 Cash for December rent. Dec. 7 Comic Stand pays $1,800 cash for employee salary. Dec. 8 Comic Stand provides consulting services of $2,700 and rents its test facilities for $1,400. The customer is billed 54,100 for these services. Dec. 9 Comic Stand receives $4,100 cash from the client billed on December 8. Dec. 10 Comic Stand pays CalTech Supply $2,000 cash as partial payment for its December 4 $8,800 purchase of supplies. Dec. 11 Brian Aloan withdraws $500 cash from Comic Stand for personal use. Dec. 12 Comic Stand receives $3,300 cash in advance of providing consulting services to a customer. The company's policy is to record fees collected in advance in balance sheet account. Dec. 13 Comic Stand pays $3,500 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 Core Stand pays $1,220 cash for supplies. Dec. 15 Comic Stand pays $1,405 cash for December utilities expense. Dec. 16 Conic Stand pays $1,250 cash in employee salary for work performed in the latter part of December. Answer is not complete. Dec 08 Accounts receivable Rental revenue 2,700 1,400 Dec 09 Cash 4,100 Accounts receivable 4,100 Dec 10 2,000 Supplies Cash 2,000 Dec 11 R Alan Wadale 500 Cash 500 Dec 12 3,300 Unearned consulting revenue Cash 3,300 Dec 13 Insurance expense 3,500 Cash 3.500

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