13: Homework Help Save & 12 GLO303 - Extension of Problem 2-1A Linkworks LO P1, P2, P3, P4, PS, P6 - Karla Tanner opened a web consulting business called Linkworks and recorded the following transactions in its first month of operations Apr. 1 Tannar invasta $80,000 cash along with office equipment valued at $26,000 in the company in exchange for men stock. Apr. 2 The company prepaid $9,000 cash for twelve months' rent for office space. The company policy is record prepaid expenses i balance sheet accounts. Apr. 3 The company made credit parehases for 10,000 in office equipment and $3,600 in office supplies. Payment is die within io days. Apr. The company completed services for a client and mediately received $4,000 cash. Apr. The company completed a 16,000 project for client, who pay within 30 days. Apr. 13 The company paid $11,600 cash to settle the account payable created on April 3. Apr. 19 The company paid $2,400 cash for the premium on 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts Apr. 22 The company received $4,400 cash partial payment for the work completed on April. Apr. 25 The company completed work for another client for $2,490 on credit Apr. 28 The company paid $5,500 cash in dividends. Apr. 29 The company purchased $600 of additional office supplies on credit. Apr. 30 The company paid 3435 cash for this month's utility bill. Descriptions of items that require adjusting entries on April 30, follow a) On April 2, the company prepaid $9,000 cash for twelve months' rent for office space b) The balance in Prepaid insurance represents the premium paid for a 12-month insurance policy the policy's coverage began on April 1 c) Office supplies on hand as of April 30 total $1200 Straightine depreciation of office equipment, based on a 5-year life and a $4,000 salvage value, is $500 per month e) The company has completed work for a client, but has not yet billed the $1,800 fee. Wages due to employees, but not yet paid of April 30 total $2,600 General General Requirement Income St Retained Impact on Trial Balance Journal Balance Sheet Ledger Statement Earnings Income For transactions at, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click record entry View transaction list MacBook Air 80 000 00014 FS FB F7 19 A $ % * & 13: Homework Help Save & 12 GLO303 - Extension of Problem 2-1A Linkworks LO P1, P2, P3, P4, PS, P6 - Karla Tanner opened a web consulting business called Linkworks and recorded the following transactions in its first month of operations Apr. 1 Tannar invasta $80,000 cash along with office equipment valued at $26,000 in the company in exchange for men stock. Apr. 2 The company prepaid $9,000 cash for twelve months' rent for office space. The company policy is record prepaid expenses i balance sheet accounts. Apr. 3 The company made credit parehases for 10,000 in office equipment and $3,600 in office supplies. Payment is die within io days. Apr. The company completed services for a client and mediately received $4,000 cash. Apr. The company completed a 16,000 project for client, who pay within 30 days. Apr. 13 The company paid $11,600 cash to settle the account payable created on April 3. Apr. 19 The company paid $2,400 cash for the premium on 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts Apr. 22 The company received $4,400 cash partial payment for the work completed on April. Apr. 25 The company completed work for another client for $2,490 on credit Apr. 28 The company paid $5,500 cash in dividends. Apr. 29 The company purchased $600 of additional office supplies on credit. Apr. 30 The company paid 3435 cash for this month's utility bill. Descriptions of items that require adjusting entries on April 30, follow a) On April 2, the company prepaid $9,000 cash for twelve months' rent for office space b) The balance in Prepaid insurance represents the premium paid for a 12-month insurance policy the policy's coverage began on April 1 c) Office supplies on hand as of April 30 total $1200 Straightine depreciation of office equipment, based on a 5-year life and a $4,000 salvage value, is $500 per month e) The company has completed work for a client, but has not yet billed the $1,800 fee. Wages due to employees, but not yet paid of April 30 total $2,600 General General Requirement Income St Retained Impact on Trial Balance Journal Balance Sheet Ledger Statement Earnings Income For transactions at, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. Each adjustment is posted automatically to the general ledger and trial balance as soon as you click record entry View transaction list MacBook Air 80 000 00014 FS FB F7 19 A $ % * &
