1. The preparation of the journal entries for each transaction is as follows:
<h3>Journal Entries</h3>
Jan. 1 Debit Cash $142,750
Credit Owner's Equity $142,750
Jan. 2 Debit Office Supplies $2,650
Credit Cash $2,650
Jan. 3 Debit Office Equipment $14,050
Credit Accounts Payable $14,050
Jan. 4 Debit Cash $18,300
Credit Service Revenue $18,300
Jan. 5 Debit Accounts Payable $14,050
Credit Cash $14,050
Jan. 6 Debit Accounts Receivable $4,100
Credit Service Revenue $4,100
Jan. 7 Debit Rent Expenses $2,625
Credit Cash$2,625
Jan. 8 Debit Cash $2,175
Credit Account Receivable $2,175
Jan. 9 Debit Withdrawals $11,700
Credit Cash $11,700
2. The identification of the financial statement impact of each entry is as follows:
Jan. 1 Increase in Assets (Cash $142,750) and Owner's Equity ($142,750)
Jan. 2 Increase in Assets (Office supplies $2,650) Decrease in Assets (Cash $2,650)
Jan. 3 Increase in Assets (Office Equipment $14,050) and Liabilities (Accounts Payable $14,050)
Jan. 4 Increase in Assets (Cash $18,300) and Equity (Service Revenue $18,300)
Jan. 5 Decrease in Liabilities (Accounts Payable $14,050) and Assets (Cash $14,050)
Jan. 6 Increase in Assets (Accounts Receivable $4,100) and Equity (Service Revenue $4,100)
Jan. 7 Decrease in Equity (Rent Expenses $2,625) and Assets (Cash$2,625)
Jan. 8 Increase in Assets (Cash $2,175) and decrease in Assets (Account Receivable $2,175)
Jan. 9 Decrease in Equity (Withdrawals $11,700) and decrease in Assets (Cash $11,700)
<h3>Transaction Analysis:</h3>
Jan. 1 Cash $142,750 Owner's Equity $142,750
Jan. 2 Office supplies $2,650 Cash $2,650
Jan. 3 Office Equipment $14,050 Accounts Payable $14,050
Jan. 4 Cash $18,300 Service Revenue $18,300
Jan. 5 Accounts Payable $14,050 Cash $14,050
Jan. 6 Accounts Receivable $4,100 Service Revenue $4,100
Jan. 7 Rent Expenses $2,625 Cash$2,625
Jan. 8 Cash $2,175 Account Receivable $2,175
Jan. 9 Withdrawals $11,700 Cash $11,700
Thus, the journal entries show the accounts <u>debited</u> and the accounts credited for each transaction.
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