Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help preparing a trial balance Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month

I need help preparing a trial balance

image text in transcribed
Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operation 5. April 1 2 3 6 9 13 19 22 25 28 29 30 Req uired: Tanner invested $100,000 cash along with office equipment valued at $24,000 in the company in exchange for common stock. The The due The The The The company prepaid $?.200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $T,200. company made credit purchases for $12,000 in office equipment and $2,400 in office supplies. Payment is within 10 days. company company company company $6,000. The The The The The company company company company company completed services for a client and immediately received $2,000 cash. completed a $3,000 project for a client' who must pay within 30 days. paid $14,400 cash to settle the account payable created on April 3. paid $6,000 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for received $6,400 cash as partial payment for the work completed on April 9. completed work for another client for $2,640 on credit. paid a $6,200 cash dividend. purchased $000 of additional office supplies on credit. paid $T00 cash for this month's utility hill. 1. Prepare generaljournal entries to record these transactions using the following titles: Cash {101}; Accounts Receivable (105); Oice Supplies [124}: Prepaid Insurance [128}; Prepaid Rent [131}: Ofce Equipment {163}; Accounts Payable [201); Common Stock {307}: Dividends {3191: Services Revenue {403}; and Utilities Expense (690]. 2. Post thejournal entries from part1 to the ledger accounts. 3. Prepare a trial balance as of April 30

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

Financial Statement Fraud Prevention And Detection

Authors: Zabihollah Rezaee, Richard Riley

2nd Edition

0470543205, 9780470543207

More Books

Students also viewed these Accounting questions

Question

What are the differences between anomalies and fraud?

Answered: 1 week ago