Business, 13.10.2021 02:20 kayleebug13

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.

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Prepare journal entries for each transaction and identify the financial statement impact of each ent...

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