GLO203 - (No Analysis Tab) - Based on Exercise 2-12 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 Sanchez Services began the year with the following balances: Cash, $56,000; Accounts receivable, $11,700; and Common stock, $67,700. Jan. 1 Carlos Sanchez invested $21,700 cash in the company in exchange for common stock. Jan. 2 The company provided services to a client and immediately received $6,000 cash. Jan. 3 The company received $11,700 cash from a client in payment for services to be provided next year. Jan. 4 The company received $6,900 cash from a client in partial payment of accounts receivable. Jan. 5 The company borrowed $13,500 cash from the bank by signing a note payable. General Journal General Income St Retained Requirement Ledger Trial Balance Statement Earnings Balance Sheet Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of the Sanchez Company, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger an the Trial Balance as soon as you click "Record Entry". View transaction list