Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

** General Ledge #1 column Account Title may be incorrect** day Karla Tanner opened a web consulting business called Linkworks and recorded the following transactions

** General Ledge #1 column "Account Title" may be incorrect**

image text in transcribedimage text in transcribed

image text in transcribed

image text in transcribed

day Karla Tanner opened a web consulting business called Linkworks and recorded the following transactions in its first month of operations pr. 1 Tanner Invests 580.00 cash along with office equipment valued at $26.00 in the company to exchange for comon stock ior. The company propeld Sp.000 cash for twelve months rent for office space. The company's policy is record prepaid expenses spr. The company sade credit purchases for $1.00 in office equipment and $3.40 in office supplies. Payment is due within 3 Apr. The company completed services for a client and mediately received $4,000 cash App. The company completed a 55.000 project for a client, who must say with 3 days Rp 1) The company pata $15.000 cash to settle the account payable created on April 1. pr. 19 The company pala 52.40 cash for the prendus on 12-month Insurance policy. The company's policy is record prepals Apr. 22 The company received $4, cash as partial payment for the work completed on April 9. apr. 25 The company completed work for another client for 52.490 on credit Apr 25 The company paid 35,500 cash in dividends. Ar. The company purchased of additional office supplies on credit. pp. The company pold 5435 cash for this month's utility 6911. 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 peld for a 12-month insurance policy the policy's coverage begin on April e Office Supplies on hand as of April 30 total $1200 a Straight line depreciation of office equipment, based on a 5year life and a $4.000 selvage value. Is $500 per month The company has completed work for a client, but has not yet billed the $1,800 fee Wapes due to employees, but not yet peld, as of April 30 total $2.600 Requirement General General Income St Retained Journal Ledger Statement Earnings Balance Sheet Impact on Income For transactions a-t, 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 Account Title Debit Credit No 1 Date Apr 30 Rent expense Prepaid rent 2 Apr 30 Insurance expense Prepaid insurance 3 Apr 30 Omice supplies expense Omice supplies 4 Apr 30 Depreciation expense - Omce equipment Accumulated depreciation - Office equipment 5 Apr 30 Accounts receivable Services revenue 6 Apr 30 Wages expense Wages payable General General Income Requirement Trial Balance St Retained Balance Sheet Impact on Journal Ledger Statement Earnings Income Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. Adjusted Ceneral Ledger Account Unadjusted Adjusted Cash Accounts receivable Debit Credit No. Date Debit Credit No. Date Balance 59,455 Balance 4 490 Apr 30 Apr 30 Office Supplies Prepaid insurance Debit Credit No. Debre Credit Balance No. Date Apr 30 Date Apr 30 Balance 2.400 4.200 Prepaid rent Debit Office equipment Debit Crear No. Dat Credit No. Balance 9,000 Date Apr 30 Balance 34000 Apr 30 Accounts payable Debit Credit Common stock Debit Credik No. No. Date Date Apr 30 Balance 600 Balance 106.000 Apr 30 Balance Sheet Impact on General General Income St Retained Requirement Journal Trial Balance Ledger Statement Earnings Income You may view either the unadjusted or adjusted trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Adjusted Unadjusted Adjusted LINKWORKS Trial Balance April 30, 2019 Account Credit $ Debit 59.466 4.490 4.200 2.400 9.000 34.000 Cash Accounts receive Omice supplies Prepaid insurance Prepaid rent Botice equipment Accounts payable common stock Donderds Services revenue Us expense Total 600 106.000 5.500 12.890 435 119.40 $ $ 119.490 General Income General Requirement Trial Balance St Retained Journal Balance Sheet Impact on Ledger Statement Earnings Income Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Adjusted Unadjusted Adjusted Revenues LINKWORKS Income Statement For Month Ended April 30, 2019 $ 0 0 Expenses 0 0 0 0 0 0 0 Net Income $ 0 Impact on Income Requirement General General Income St Retained Journal Ledger Trial Balance Statement Earnings Balance Sheet The unadjusted or adjusted balances will appear for each account, based on your selection Adjusted LINKWORKS Unadjusted tement of Retained Earnings Adjusted Month Ended April 30, 2019 Retained earings, April 1, 2019 Add Net income Less Dividends Retained earnings, April 30, 2019 $ 0 (5,500) General Requirement General Use the drop down to select the accounts properly included on the balance sheet. The unadjured or adused balances will appear for each account based on your selection. Include all balance sheet accounts, even those with 2010 Balances Adjusted Adjusted LINKWORKS Balance Sheet April 30, 2015 ASSETS Ourent 5 el 5 P LIABILITIES AND EQUITY 5 Requirement General Income St Retained Journal Ledger Statement Earnings Balance sheet met on Income For each adjustment. Indicate the income statement and balance sheet account affected, and the impact on net income fan adjustment caused net income to decrease enter the amount as a negative value. Net Income before adjustments can be found on the income statement tab.(Hint: Select unadjusted on the drop down.) Show less Accountatecting the Balance Sheet Impact on net Income ted to Income Statement Adjusted Unadjusted Adjusted Dance Once supplies a) Depreciation e) Unbilledfees Unpaid wages

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investment Grade Energy Audit Making Smart Energy Choices

Authors: Shirley J. Hansen, James W. Brown

1st Edition

0824709284, 978-0824709280

More Books

Students also viewed these Accounting questions

Question

Does it avoid using personal pronouns (such as I and me)?

Answered: 1 week ago

Question

Does it clearly identify what you have done and accomplished?

Answered: 1 week ago