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Karla Tanner opened a Web consulting business called tinkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $80,000cash
Karla Tanner opened a Web consulting business called tinkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $80,000cash along with office equipment valued at $24,000 in the conpany in exchange for connon stock. April 2 The conpany prepaid $9,000 cash for 12 month' rent for office space. Minti Debit Propaid Rent for $9,090. April 3 The company made credit purchases for $8,000 in office equipnen and $3,600 in offjce suppljes. Paynint is due kithin 16 days. Agri) 6 The company comploted services for a client and inanediatuly received $4,000 cush. april 9 The coepany completed a $6,000 project for a client, who must pay within 30 days. Apri] 13 The conpany paid \$11,6ee cesh to settle the accosent paybble created an Apri2 3. April 19 The coepany paid $2,400 cash for the preinium on a 12 -nonth peepaid insurance poliky. Hint: Debit Prepaid Insuranice for April 22 the conpany received $4,400 cash as partial paynent far the work conplofed on April 9. April 25 , the company completed work for another client for $2,890 on credit. April 2B The coepary paid a $5,500 cash dividend. April 29 . The conpany purchosed $600 of additional office supplies on credit. April 30 The company paid \$ass cash for this nonth's utility bill. Required: 1. Prepare generat journal entries to record these transactions using the following titles: Cash (101): Accounts Recelvable (106) Office Supplies (124): Prepaid insurance (128); Prepaid Rent (130); Office Equipment (163). Accounts Payable (201): Common Stock (307), Dividends (319); 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 Apit 30. Prepare a trial balance as of April 30
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