Question

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 Turner Services began the year with the following balances: Cash, $71,000;
Accounts receivable, $12,200; and Common stock, $83,200.

Jan.		1		Tony Turner invested $22,200 cash in the company in exchange for common stock.
Jan.		2		The company provided services to a client and immediately received $7,500 cash.
Jan.		3		The company received $12,200 cash from a client in payment for services to be provided next year.
Jan.		4		The company received $7,900 cash from a client in partial payment of accounts receivable.
Jan.		5		The company borrowed $16,000 cash from the bank by signing a note payable.

Answer 1