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 King Services began the year with the following balances: Cash, $83,000; Accounts receivable, $12,600; and Common stock, $95,600. Jan. 1 Robert King invested $22,600 cash in the company in exchange for common stock. Jan. 2 The company provided services to a client and immediately received $8,700 cash. Jan. 3 The company received $12,600 cash from a client in payment for services to be provided next year. Jan. 4 The company received $8,700 cash from a client in partial payment of accounts receivable. Jan. 5 The company borrowed $18,000 cash from the bank by signing a note payable. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. General Ledger Tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance Tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Income Statement Tab - The revenue and expense balances from the trial balance appear on the income statement, along with their balance as of the date selected. Review the income statement and indicate how the income statement is linked to the other financial statements. Statement of Retained Earnings Tab - Beginning retained earnings plus (minus) net income (loss) for the period less dividends. Review the statement of Retained earnings and indicate how the statement is linked to the other financial statements. Balance Sheet Tab - Each asset and liability account balance, as reported on the trial balance, appears on the balance sheet, along with the equity balance. Review the balance sheet and then Indicate how the balance sheet is linked to the other financial statements. View transaction list Journal entry worksheet 1 2 3 4 5 On January 1 - Robert King invested $22,600 cash in the company in exchange for common stock. Note: Enter debits before credits. Date Jan 01 Account Title Debit Credit View general journal Record entry Clear entry View transaction list Journal entry worksheet 1 2 3 4 5 January 2 - The company provided services to a client and immediately received $8,700 cash. Note: Enter debits before credits. Date Jan 02 Account Title Debit Credit View general journal Record entry Clear entry > View transaction list Journal entry worksheet 1 2 3 4 5 January 3 - The company received $12,600 cash from a client in payment for services to be provided next year. Note: Enter debits before credits. Date Jan 03 Account Title Debit Credit Record entry Clear entry View general journal Journal entry worksheet View transaction list Journal entry worksheet The balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Equity includes common stock and the ending retained earnings amount from the Statement of Retained Earnings. Cash Accounts receivable Total assets King Company Balance Sheet January 31, 2018 Assets $ 83,000 12,600 $ 95,600 Liabilities Accounts payable $ 0 Notes payable 0 Unearned services revenue 0 Total liabilities 0 Equity Common stock Retained earnings Total equity Total liabilities and equity The balance in retained earnings comes from the: 95,600 0 95,600 $ 95,600 Dates: Jan 01 to: Jan 31