Ces Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664d1c07acc6e_479664d1c074877e.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664d1c08687bf_479664d1c07eb302.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/664d1c09132de_480664d1c08a0468.jpg)
Transcribed Image Text:
Ces Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. 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. Hint: Debit Prepaid Rent for $9,000. April 3 The company nade 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 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. Hint: Debit Prepaid Insurance for $2,400. 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 a $5,500 cash dividend. 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. Required: 1. Prepare generd journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690). 2. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a trial balance as of April 30. Complete this question by entering your answers in the tabs below. Post the journal entries from part 1 to the ledger accounts. 101: Cash Date Debit Credit Balance Date 106: Accounts Receivable Debit Credit Balance April 01 80,000 80,000 April 02 9,000 89,000 April 06 4,000 93,000 April 13 11,600 104,600 April 19 2,400 107,000 April 22 4,400 111,400 April 28 5,500 116,900 April 30 435 117,335 124: Office Supplies Date Debit Credit Balance Date 128: Prepaid Insurance Debit Credit Balance 163: Office Equipment 131: Prepaid Rent Date Debit Credit Balance Date Debit Date Credit Balance 201: Accounts Payable 307: Common Stock Debit Credit Balance Date Debit Credit Balance 131: Prepaid Rent Date Debit Date 163: Office Equipment Credit Balance Date Debit Credit Balance 201: Accounts Payable 307: Common Stock Debit Credit Balance Date: Debit Credit Balance 319: Dividends 403: Services Revenue Date Debit Credit Balance Datel Debit Credit Balance 690: Utilities Expense Date Debit Credit Balance < Required 1 Required 3 > Ces Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. 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. Hint: Debit Prepaid Rent for $9,000. April 3 The company nade 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 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. Hint: Debit Prepaid Insurance for $2,400. 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 a $5,500 cash dividend. 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. Required: 1. Prepare generd journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690). 2. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a trial balance as of April 30. Complete this question by entering your answers in the tabs below. Post the journal entries from part 1 to the ledger accounts. 101: Cash Date Debit Credit Balance Date 106: Accounts Receivable Debit Credit Balance April 01 80,000 80,000 April 02 9,000 89,000 April 06 4,000 93,000 April 13 11,600 104,600 April 19 2,400 107,000 April 22 4,400 111,400 April 28 5,500 116,900 April 30 435 117,335 124: Office Supplies Date Debit Credit Balance Date 128: Prepaid Insurance Debit Credit Balance 163: Office Equipment 131: Prepaid Rent Date Debit Credit Balance Date Debit Date Credit Balance 201: Accounts Payable 307: Common Stock Debit Credit Balance Date Debit Credit Balance 131: Prepaid Rent Date Debit Date 163: Office Equipment Credit Balance Date Debit Credit Balance 201: Accounts Payable 307: Common Stock Debit Credit Balance Date: Debit Credit Balance 319: Dividends 403: Services Revenue Date Debit Credit Balance Datel Debit Credit Balance 690: Utilities Expense Date Debit Credit Balance < Required 1 Required 3 >
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
State the SQL code for the following statements 1. Retrieve the salary of every employee 2. Retrieve the total number of employees in the company. 3. Retrieve the total number of employees in the...
-
Two spaceships are moving directly toward one another ith a relative velocity of 0.90c. If an astronaut measures the length of his own spaceship to be 30.0 m, how long is the spaceship as measured by...
-
In the year 2007, an estimated amount of 31 billion tons of carbon dioxide (CO2) was emitted worldwide due to fossil fuel combustion and cement production. Express this mass of CO2 in grams without...
-
Explain cost flows for activity-based costing
-
For the current year ending August 31, Bannack Industries expects fixed costs of $988,800, a unit variable cost of $412, and a unit selling price of $515. a. Compute the anticipated break-even sales...
-
Real accounts: a. Never close b. Are found on the balance sheet c. Include the cash account d. All of the above
-
se the appropriate appendix table or technology to answer this question. A research center has conducted extensive research on social media usage. One finding was that 71% of adults aged 18 to 24 use...
-
In 2024, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2026. Information related to the contract is...
-
Briefly describe the case you have chosen. Categorize the social worker's experience as vicarious trauma, compassion fatigue, or burnout. Provide justification. Identify the social worker's score on...
-
Given f(x) below, find f'(x). f(x) = = m 5z In (2) et dt
-
Olsen & Alain, CPAs (O&A) performed the audit of Rocky Point Brewery (RPB), a public company in 20X1 and 20X2. In 20X2, O&A also performed tax services for the company. Which statement best describes...
-
Exercise 9-4 (Algo) Prepare a Flexible Budget Performance Report [LO9-4] Vulcan Flyovers offers scenic overflights of Mount Saint Helens, the volcano in Washington State that explosively erupted in...
-
Lottery Prizes A lottery offers one $1000 prize, two $600 prizes, three $300 prizes, and five $200 prizes. One thousand tickets are sold at $7 each. Find the expectation if a person buys five...
-
Refer to the Conservation Ecology (Dec. 2003) study of the causes of forest fragmentation, presented in Exercise 2.166 (p. 97). Recall that the researchers used advanced high-resolution satellite...
-
2. Prepare a consolidated income statement for Pam Corporation and Subsidiary for 2016.
-
2. In the preparation of consolidated financial statements, intercompany items for which eliminations will not be made are: a Purchases and sales where the parent employs the equity method b...
-
E 6-5 General questions [Based on AICPA] 1. On January 1, 2016, Pam Company sold equipment to its wholly owned subsidiary, Sun Company, for $1,800. The equipment cost Pam $2,000. Accumulated...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App