Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $100,000 cash along with office equipment valued at $24,000 in the company. April 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for \$7,200. April 3 The company made credit purchases for $12,000 in office equipment and $2,400 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $2,000 cash. April 9 The company completed a $8,000 project for a client, who must pay within 30 days. April 13 The company paid $14,400 cash to settle the account payable created on April 3 . April 19 The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit Prepaid Insurance for $6,000. April 22 The company received $6,400 cash as partial payment for the work completed on April 9 . April 25 The company completed work for another client for $2,640 on credit. April 28 Tanner withdrew $6,200 cash from the company for personal use. April 29 The company purchased $800 of additional office supplies on credit. April 30 The company paid $700 cash for this month's utility bill. Required: 1. Prepare 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 . Post the journal entries from part 1 to the ledger accounts. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ 124: Office Supplies } \\ \hline & Debit & Credit & Balance \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & Debit & Credit & Balance \\ \hline Date & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & Credit & Balance \\ \hline & & & \\ \hline & Debit & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ 128: Prepaid Insurance } \\ \hline Date & Debit & Credit & Balance \\ \hline April 19 & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & 163: Office Equipment & Credit & Balance \\ \hline Date & Debit & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & Credit & Balance \\ \hline & Debit & & \\ \hline & & & \\ \hline \end{tabular} Prepare a trial balance as of April 30 . Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $100,000 cash along with office equipment valued at $24,000 in the company. April 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for \$7,200. April 3 The company made credit purchases for $12,000 in office equipment and $2,400 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $2,000 cash. April 9 The company completed a $8,000 project for a client, who must pay within 30 days. April 13 The company paid $14,400 cash to settle the account payable created on April 3 . April 19 The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit Prepaid Insurance for $6,000. April 22 The company received $6,400 cash as partial payment for the work completed on April 9 . April 25 The company completed work for another client for $2,640 on credit. April 28 Tanner withdrew $6,200 cash from the company for personal use. April 29 The company purchased $800 of additional office supplies on credit. April 30 The company paid $700 cash for this month's utility bill. Required: 1. Prepare 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 . Post the journal entries from part 1 to the ledger accounts. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ 124: Office Supplies } \\ \hline & Debit & Credit & Balance \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & Debit & Credit & Balance \\ \hline Date & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & Credit & Balance \\ \hline & & & \\ \hline & Debit & & \\ \hline & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ 128: Prepaid Insurance } \\ \hline Date & Debit & Credit & Balance \\ \hline April 19 & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & 163: Office Equipment & Credit & Balance \\ \hline Date & Debit & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & Credit & Balance \\ \hline & Debit & & \\ \hline & & & \\ \hline \end{tabular} Prepare a trial balance as of April 30
