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, $68,000; Accounts receivable, $12,100; and B. Valdez, Capital, $80,100. Jan. 1 Brina Valdez invested $22,100 cash in the company. Jan. 2 The company provided services to a client and immediately received $7,200 cash. Jan. 3 The company received $12,100 cash from a client in payment for services to be provided next year. Jan. 4 The company received $7,700 cash from a client in partial payment of accounts receivable. Jan. 5 The company borrowed $15,500 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 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 Owner's Equity Tab - Owner investments and withdrawals, as reported on the trial balance, appear on the statement of owner's equity. Review the statement of owner's equity and indicate how the statement of owner's equity is linked to the other financial statements. < Prev 2 of 2 Next Ch Jan. 3 The company received $12,100 cash from a client in payment for services to be provided next year. Jan. 4 The company received $7,700 cash from a client in partial payment of accounts receivable. Jan. 5 The company borrowed $15,500 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 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 Owner's Equity Tab - Owner investments and withdrawals, as reported on the trial balance, appear on the statement of owner's equity. Review the statement of owner's equity and indicate how the statement of owner's equity 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 ending capital balance. Review the balance sheet and then indicate how the balance sheet is linked to the other financial statements. Financial Statement Impact Tab It is important to be able to identify the impact each transaction has on the financial statements. For each of the transactions, indicate the cumulative amount of net income, total assets, total liabilities and total equity that would appear on the financial statements immediately after each transaction is recorded. Requirement General Journal > < Prev 2 of 2 Next > Chec 2 , the Trial Balance as soon as you click "Record Entry". View transaction list Journal entry worksheet ok < 1 2 3 4 5 inces On January 1 Brina Valdez invested $22,100 cash in the company. Note: Enter debits before credits. Date Jan 01 Account Title Debit Credit Clear entry Record entry View general journal < Prev 2 of 2 Next > the Trial Balance as soon as you click "Record Entry". View transaction list Journal entry worksheet < 1 2 3 4 5 ok nces January 2 The company provided services to a client and immediately received $7,200 cash. Note: Enter debits before credits. Date Jan 02 Account Title Debit Credit Clear entry Record entry View general journal < Prev 2 of 2 Next 2 the Trial Balance as soon as you click "Record Entry". View transaction list Journal entry worksheet < 1 2 3 4 5 ook ences January 3 The company received $12,100 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 Prev 2 of 2 Next 2 FRINGA GUIpany, emery are VEVILO VEIVE THE HOUR LOUIS WI GULUIaucony ve peace we us the Trial Balance as soon as you click "Record Entry". View transaction list Journal entry worksheet Book < 1 2 3 4 5 rences January 4 - The company received $7,700 cash from a client in partial payment of accounts receivable. Note: Enter debits before credits. Date Jan 04 Account Title Debit Credit Clear entry Record entry View general journal < Prev 2 of 2 Next 2 the Trial Balance as soon as you click "Record Entry". View transaction list Journal entry worksheet Book < 1 2 3 4 5 wences LOVE LIONDOLLU Quotany w pracy w even January 5 - The company borrowed $15,500 cash from the bank by signing a note payable. Note: Enter debits before credits. Date Jan 05 Account Title Debit Credit Record entry Clear entry View general journal < Prev 2 of 2 Next Jan. 1 Brina Valdez invested $22,100 cash in the company. Jan. 2 The company provided services to a client and immediately received $7,200 cash. Jan. 3 The company received $12,100 cash from a client in payment for services to be provided next year. Jan. 4 The company received $7,700 cash from a client in partial payment of accounts receivable. Jan. 5 The company borrowed $15,500 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 Each journal entry is posted automatically to the general ledger. Think of the general ledger as sorting all of your journal entries by account title. Click on any of the individual amounts to return to the underlying journal entry. Dates: Jan 01 General Ledger Account to: Jan 31 Cash Accounts receivable No. Date Jan 01 Debit Credit Balance No. 68,000 Date Jan 01 Debit Credit Balance 12.100 B. Valdez, Capital No. Date Debit Jan 01 Credit Balance 80,100 < General Journal Trial Balance > < Prev 2 of 2 Next Check my es Jan. The company borrowed $15,500 casn from the Dan by signing a note payaoie. Requirement General. Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet FS Impact Save & Exit The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you must have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Cash Accounts receivable B. Valdez, Capital Total Show less A Dates: Jan 01 to: Jan 31 Valdez Company Trial Balance January 05, 2019 Account Title < General Ledger Income Statement > < Prev 2 of 2 Next Debit Credit S 68,000 12,100 Check my w 80,100 $ 80,100 $ 80,100 Jan. ne company borrowed su casn from the Dan D signing a note payaoi. Requirement General. Journal General Ledger Trial Balance Income: Statement St Owners Equity Balance Sheet FS Impact An income statement reports the changes in equity attributable to the operation of the business during a specific time period. Revenues increase equity, and expenses decrease equity. Valdez Company Income Statement For Month Ended January 31, 2019 cos Revenues Services revenue Expenses Total expenses Net income $ 0 0 S 0 Net income or loss is transferred from the income statement to the: < Trial Balance St Owners Equity < Prev 2 of 2 Next > Check 3- Practice: Connect Knowledge Check [du... 2 Ook ences Saved Jan. The company Dorrowed $15,500 casn trom the panx Dy signing a note payable. Requirement General. Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet FS Impact Help Save & Exit Check m There are four subsets of equity: Investments by owners, withdrawals by owners, revenues and expenses. All four subsets are compiled in the Capital account at the end of the period. The ending capital balance is transferred to the equity section of the balance sheet. Valdez Company Statement of Owner's Equity For Month Ended January 31, 2019 B. Valdez, Capital, January 1, 2019 $ 80,100 0 Add: Net income 0 Less: Withdrawals by owner 0 B. Valdez, Capital, January 31, 2019 $ 80,100 Ending capital is transferred to the: < Income Statement Balance Sheet > < Prev 2 of 2 Next ces Jan. The company Dorrowed 15,500 casn rrom the Dan o signing a note payable. Requirement General. Journal General Ledger Trial Balance Income Statement St Owners Balance Sheet FS Impact Equity The balance sheet is the accounting equation: Assets Liabilities + Equity. Each asset and liability account is reported separately on the balance sheet. Equity includes the ending capital balance from the Statement of Owner's Equity. Valdez Company Cash Accounts receivable Total assets Balance Sheet January 31, 2019 Assets s 68,000 12,100 $ 80,100 Liabilities Accounts payable $ 0 Notes payable 0 Unearned revenue 0 0 Total liabilities Equity B. Valdez, Capital Total equity 80,100 80,100 < Prev 2 of 2 Next Check my ww Jan. rne company porrowed $13,50v casn Irom the Dan o signing a note payaoi. General. Requirement Journal General Ledger Trial Balance Income Statement. St Owners Equity Balance Sheet FS Impact Check w 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: Net Income Total Assets Total Liabilities Total Equity Where can you go to find each of your answers? $ 0 $ 80,100 $ 0 $ 80,100 0 102,200 0 102,200 January 1-1 Beginning Balances January 1- Valdez invested $22,100 cash in the company. January 2-The company provided services to a client and immediately received $7,200 cash. January 3-The company received $12,100 cash from a client in payment for services to be provided next year. January 4-The company received $7,700 cash from a client in partial payment of an account receivable. January 5-The company borrowed $15,500 cash from the bank by signing a note payable. < Balance Sheet ES Impact < Prev 2 of 2 Next Show less A