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This problem is based on the transactions for the Green Initiatives 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. December 1 On December 1, John Ryan forms a consulting business, named Green Initiatives. Green Initiatives receives $46,000 cash from John Ryan as an owner contribution. December 2 Green Initiatives pays $3,300 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 Green Initiatives pays $30,000 cash for equipment. December 4 Green Initiatives purchases $8,350 of supplies on credit from a supplier, CalTech Supply. December 5 Green Initiatives provides consulting services and immediately collects $5,000 cash. December 6 Green Initiatives pays $1,800 cash for December rent. December 7 Green Initiatives pays $1,500 cash for employee salary. December 8 Green Initiatives provides consulting services of $2,400 and rents its test facilities for $1,100. The customer is billed $3,500 for these services. December 9 Green Initiatives receives $3,500 cash from the client billed on December 8. December 10 Green Initiatives pays CalTech Supply $1,700 cash as partial payment for its December 4$8,350 purchase of supplies. December 11 John Ryan withdraws $200 cash from Green Initiatives for personal use. December 12 Green Initiatives receives $3,000 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. December 13 Green Initiatives pays $3,200 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. December 14 Green Initiatives pays $920 cash for supplies. December 15 Green Initiatives pays $1,105 cash for December utilities expense. December 16 Green Initiatives pays $1,100 cash in employee salary for work performed in the latter part of December. The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your answers by selecting the date on the trial balance tab.) The first 3 transactions are completed for you! \begin{tabular}{|c|c|c|c|c|} \hline Transaction: & Net Income & Total Assets & \begin{tabular}{c} Total \\ Liabilities \end{tabular} & Total Equity \\ \hline Where can you go to find each of your answers? & & & & \\ \hline \begin{tabular}{l} December 1 - Green Initiatives receives $46,000 cash \\ from John Ryan as an owner contribution. \end{tabular} & $ & 46,000 & $ & 46,000 \\ \hline December 2 - Pays $3,300 cash for supplies. & 0 & 46,000 & 0 & 46,000 \\ \hline December 3 - Pays $30,000 cash for equipment. & 0 & 46,000 & 0 & 46,000 \\ \hline \begin{tabular}{l} December 4 - Purchases $8,350 of supplies on credit \\ from a supplier. \end{tabular} & & & & \\ \hline \begin{tabular}{l} December 5 - Provides consulting services and \\ immediately collects $5,000 cash. \end{tabular} & & & & \\ \hline December 6 - Pays $1,800 cash for December rent. & & & & \\ \hline December 7 - Pays $1,500 cash for employee salary. & & & & \\ \hline \begin{tabular}{l} December 8 - Provides consulting services of $2,400 \\ and rents its test facilities for $1,100. The customer is \\ billed $3,500 for these services. \end{tabular} & & & & \\ \hline \begin{tabular}{l} December 9 - Receives $3,500 cash from the client \\ billed on December 8 . \end{tabular} & & & & \\ \hline \begin{tabular}{l} December 10 - Pays CalTech Supply $1,700 cash \\ toward the payable from December 4 . \end{tabular} & & & & \\ \hline \begin{tabular}{l} December 11 - John Ryan withdraws $200 cash for \\ personal use. \end{tabular} & & & & \\ \hline \begin{tabular}{l} December 12 - Receives $3,000 cash in advance of \\ providing consulting services to a customer. \end{tabular} & & & & \\ \hline \begin{tabular}{l} December 13 - Pays $3,200 cash (insurance premium) \\ for a 24 -month insurance policy. Coverage begins on \\ December 1 . \end{tabular} & & & & \\ \hline December 14 - Pays $920 cash for supplies. & & & & \\ \hline \begin{tabular}{l} December 15 - Pays $1,105 cash for December utilities \\ expense. \end{tabular} & & & & \\ \hline \begin{tabular}{l} December 16 - Pays $1,100 cash in employee salary for \\ work performed in the latter part of December. \end{tabular} & & & & \\ \hline \end{tabular}

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