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, $5,000; Accounts receivable, $10,000; and Common stock, $15,000. Jan. 1 Brina Valdez invested $20,000 cash in the company in exchange for common stock. Jan. 2 The company provided services to a client and immediately received $900 cash. Jan. 3 The company received $10,000 cash from a client in advance for services to be provided next year. Jan. 4 The company received $3,500 cash from a client in partial payment of accounts receivable. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings 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: Where can you go to find each of your answers? January 1- Beginning Balances. January 1- Brina Valdez invested $20,000 cash in the company. January 2-The company provided services to a client and immediately received $900 cash. Net Income Total Assets Total Liabilities Total Equity 5,000 $ 0 $ 15,000 5.000 0 35,000 Income statement Balance sheet Show less A