Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

GLO204. (No Analysis Tab) Based on Problem 2-1A Linkworks Company LO A1, C3, C4, P1, P2 Karla Tanner opens a web consulting business called Linkworks

image text in transcribed
GLO204. (No Analysis Tab) Based on Problem 2-1A Linkworks Company LO A1, C3, C4, P1, P2 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. 1 Tanner invested $80,00 cash along with office equipment valued at $26,6ee in the company. Apr. 2 The company prepaid $9.000 cash for 12 months rent for office space. The company's policy is record prepaid expenses in balance sheet accounts Apr. The company made credit purchases for $8,000 in office equipment and $7,6ee in office supplies. Payment is due within 10 days. Apr 6 The company completed services for a client and immediately received $4,600 cash. Ape 9 The company completed a $6,000 project for a client, who must pay within 3 days. Apr 1 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 a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 22 The company received $4,480 cash as partial payment for the work completed on April 9. Apr 25 The company completed work for another client for $2,890 on credit. Apr 28 Tanner withdrew $5,500 cash from the company for personal use. Apr. 29 The company purchased See of additional office supplies on credit Apr 30 The company paid 5435 cash for this month's utility bill. Requirement General General Ledger mal Balance Journal Income Statement St Owners Equity Balance Sheet Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of the Linkworks 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 dick "Record Entry". View transactions Journal entry worksheet 1 2 3 4 6 6 7 12 > Apr. 1) Tanner invested $80,000 cash along with office equipment valued at 526,000 in the company

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

Software Engineering Reviews And Audits

Authors: Boyd L. Summers

1st Edition

143985145X, 978-1439851456

More Books

Students also viewed these Accounting questions

Question

1. Make sure you can defend the grade in the first place.

Answered: 1 week ago