Question
I need some help with my Accounting Homework but I am unable to provide graphs on here Karla Tanner opens a Web consulting business called
I need some help with my Accounting Homework but I am unable to provide graphs on here
Karla Tanner opens a Web consulting business called Linkworks and completed the following transactions in its first month of operations.
April1Tanner invested $145,000 cash along with office equipment valued at $34,800 in the company.2The company prepaid $7,200 cash for 12 months' rent for office space.Hint:Debit Prepaid Rent for $7,200.3The company made credit purchases for $17,400 in office equipment and $3,480 in office supplies. Payment is due within 10 days.6The company completed services for a client and immediately received $2,000 cash.9The company completed a $11,600 project for a client, who must pay within 30 days.13The company paid $20,880 cash to settle the account payable created on April 3.19The company paid $6,000 cash for the premium on a 12-month insurance policy.Hint:Debit Prepaid Insurance for $6,000.22The company received $9,280 cash as partial payment for the work completed on April 9.25The company completed work for another client for $2,640 on credit.28Tanner withdrew $6,200 cash from the company for personal use.29The company purchased $1,160 of additional office supplies on credit.30The company paid $700 cash for this month's utility bill.
Required:
1.Prepare a general 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); K. Tanner, Capital (301); K. Tanner, Withdrawals (302); 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.
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