\\begin{tabular}{|l|r|} \\hline \\multicolumn{2}{|c|}{ Linkworks Company } \\\\ \\hline \\multicolumn{1}{|c|}{ Statement of Retained Earnings } \\\\ \\hline \\multicolumn{1}{|c|}{ For Month Ended April 30, 2021 } \\\\ \\hline Retained earnings, April 1, 2021 & \\\\ \\hline Add: Net income & \\\\ \\hline Less: Dividends & \\( \\$ \\) \\\\ \\hline Retained earnings, April 30, 2021 & \\\\ \\hline & \\\\ \\hline Ending retained earnings is transferred to the: & \\\\ \\hline \\end{tabular} Income Statement Balance Sheet ach journal entry is posted automatically to the general ledger.Think of the general ledger as sorting all of your journal tries by account title. Click on any of the individual amounts to return to the underlying journal entry. General Ledger Account Data is not available until journal entries have been entered. Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of the inkworks Company, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger and the Trial Balance as soon as you click \"Record Entry\". Journal entry worksheet April 1) Tanner invested \\( \\$ 80,000 \\) cash along with office equipment valued at \\( \\$ 26,000 \\) in the company in exchange for common stock. Note: Enter debits before credits. An income statement reports the changes in equity attributable to the operation of the business during a specific time period. Revenues increase equity, and expenses decrease equity. Karla Tanner opens a web consulting business called Linkworks and completes the following transactions in its first month of operations. 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. April 1 Tanner invested \\( \\$ 80,000 \\) cash along with office equipment valued at \\( \\$ 26 \\), 000 in the company in exchange for common stock. April 2 The company prepaid \\( \\$ 9,000 \\) cash for 12 months' rent for office space. The company's policy is to record prepaid expenses in balance sheet accounts. April 3 The company made credit purchases for \\( \\$ 8,000 \\) in office equipment and \\( \\$ 3,600 \\) in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received \\( \\$ 4,000 \\mathrm{cash} \\). April 9 The company completed a \\( \\$ 6,000 \\) project for a client, who must pay within 30 days. April 13 The company paid \\( \\$ 11,600 \\) cash to settle the account payable created on April 3. April 19 The company paid \\( \\$ 2,400 \\) cash for the premium on a 12 -month prepaid insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. April 22 The company received \\( \\$ 4,400 \\) cash as partial payment for the work completed on April 9 . April 25 The company completed work for another client for \\( \\$ 2,890 \\) on credit. April 28 The company paid \\( \\$ 5,500 \\) cash in dividends. April 29 The company purchased \\( \\$ 600 \\) of additional office supplies on credit. April 30 The company paid \\( \\$ 435 \\) cash for this month's utility bill. General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. General Ledger Tab - One of the advantages of general ledger software is that posting is done automatically. To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Trial Balance \\( T a b \\) - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. Income Statement \\( T a b \\) - The revenue and expense balances from the trial balance appear on the income statement, along with their balance as of the date selected. Review the income statement and indicate how the income statement is linked to the other financial statements. Statement of Retained Earnings Tab - Beginning retained earnings plus (minus) net income (loss) for the period less dividends. Review the statement of Retained earnings and indicate how the statement is linked to the other financial statements. Balance Sheet Tab - Each asset and liability account balance, as reported on the trial balance, appears on the balance sheet, along with the equity balances. Review the balance sheet and then indicate how the balance sheet is linked to the other financial statements. Financial Statement Impact \\( \\boldsymbol{T a b} \\) It is important to be able to identify the impact each transaction has on the financial statements. For each of the transactions, indicate the cumulative amount of net income, total assets, total liabilities and total equity that would appear on the financial statements immediately after each transaction is recorded. The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal the total credits, you must have a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. he balance sheet is the accounting equation: Assets = Liabilities + Equity. Each asset and liability account is reported eparately on the balance sheet. Equity includes common stock and the ending retained earnings amount from the Stater Retained Earnings