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 Wright Services began the year with the following balances: Cash, $59,000; Accounts receivable, $11,800; and Common stock, $70,800. Jan. 1 Kay Wright invested $21,800 cash in the company in exchange for common stock. Jan. 2 The company provided services to a client and immediately received $6,300 cash. Jan. 3 The company received $11,800 cash from a client in payment for services to be provided next year. Jan. 4 The company received $7,100 cash from a client in partial payment of accounts receivable. Jan. 5 The company borrowed $14,000 cash from the bank by signing a note payable.

Jan. 1

Cash $21,800 (debit)

Common Stock $21,800 (credit)

Effect : Assets = Increase $21,800, Equity = Increase $21,800, Liabilities = No Effect

Jan. 2

Cash $6,300 (debit)

Service Revenue $6,300 (credit)

Effect : Assets = Increase $6,300, Equity = Increase $6,300, Liabilities = No Effect

Jan. 3

Cash  $11,800 (debit)

Deferred Revenue  $11,800 (credit)

Effect : Assets = Increase  $11,800, Equity = No Effect, Liabilities = Increase  $11,800

Jan. 4

Cash  $7,100 (debit)

Trade Payable  $7,100 (credit)

Effect : Assets = Increase $7,100, Equity = No Effect, Liabilities = Decrease  $7,100

Jan. 5

Cash  $14,000 (debit)

Trade Payable  $7,100 (credit)

Effect : Assets = Increase $14,000, Equity = No Effect, Liabilities = Increase  $14,000

Explanation:

The following items will appear in Balance Sheet :

The following items will appear in Income Statement :

The Following Items will Appear in Statement of Cash flow :

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number

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