The account balances will automatically populate. Stam Consulting Balance Sheet March 31 Assets: Jane Stam opens a web consulting business called Stam Consulting and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. March 1 Stam invested $201,000 cash along with $23,700 in office equipment in the company. March 2 The company prepaid $8,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. March 3 The company made credit purchases of office equipment for $4,700 and office supplies for $2,900. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $5,700 cash. March 9 The company completed a $9,200 project on credit for a client, who must pay within 30 days. March 12 The company paid $7,600 cash to settle the account payable created on March 3. March 19 The company paid $7,300 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. March 22 The company received $5,500 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $5,600 on credit. March 29 Stam withdrew $5,200 cash from the company for personal use. March 30 The company purchased $700 of additional office supplie on credit. March 31 The company paid $600 cash for this month's utility bill. Requirement General Journal General Ledger Trial Balance Income Statement Owners Equity Statement Balance Sheet Impact on Equity Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate.
