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 Nguyen Services began the year with the following balances: Cash, $92,000; Accounts receivable, $12,900; and Common stock, $104,900. Jan. 1 Than Nguyen invested $22,900 cash in the company in exchange for common stock. Jan. 2 The company provided services to a client and immediately received $9,600 cash. Jan. 3 The company received $12,900 cash from a client in payment for services to be provided next year. Jan. 4 The company received $9,300 cash from a client in partial payment of accounts receivable. Jan. 5 The company borrowed $19,500 cash from the bank by signing a note payable.

Joint cost cheyenne, inc. produces three products from a common input. the joint costs for a typical quarter follow: direct materials $45,000 direct labor 55,000 overhead 60,000 the revenues from each product are as follows: product a $75,000 product b 80,000 product c 30,000 management is considering processing product a beyond the split-off point, which would increase the sales value of product a to $116,000. however, to process product a further means that the company must rent some special equipment costing $17,500 per quarter. additional materials and labor also needed would cost $12,650 per quarter. a. what is the gross profit currently being earned by the three products for one quarter? $answer b. what is the effect on quarterly profits if the company decides to process product a further? $answer