GL0203 - Based on Exercise 2-12 LO P1 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. Assume Valdez Services began the year with the following balances: Cash, $50,000; Accounts receivable, $11,500; and B. Valdez, Capital, $61,500. Jan. 1 Brina Valdez invested $21,500 cash in the company. Jan. 2 The company provided services to a client and immediately received $5,400 cash. Jan. 3 The company received $11,500 cash from a client in payment for services to be provided next year. Jan. 4 The company received $6,500 cash from a client in partial payment of accounts receivable. Jan. 5 The company borrowed $12,500 cash from the bank by signing a note payable. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet FS Impact 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 work by selecting the date on the trial balance tab. The first transaction is completed for you! Transaction: Show less Net Income Income statement Total Assets Total Liabilities Total Equity Balance sheet Balance sheet Balance sheet $ 0 $ 61,500 $ 0 $ 61,500 0 83,000 0 83,000 0 0 0 0 Where can you go to find each of your answers? January 1- Beginning Balances January 1 - Valdez invested $21,500 cash in the company. January 2- The company provided services to a client and immediately received $5,400 cash. January 3 - The company received $11,500 cash from a client in payment for services to be provided next year. January 4 - The company received $6,500 cash from a client in partial payment of an account receivable. January 5 - The company borrowed $12,500 cash from the bank by signing a note payable. 0 0 0 0 0 0 0 0 0 0 0 < Balance Sheet FS Impact >