Karla Tanner opens a web consulting business called Linkworks and recorded the following transactions in its first month of operations.
Apr. 1	Tanner invests $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock.
Apr. 2	The company prepaid $9,000 cash for twelve months rent for office space. The company's policy is record prepaid expenses in balance sheet accounts.
Apr. 3	The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days.
Apr. 6	The company completed services for a client and immediately received $4,000 cash.
Apr. 9	The company completed a $6,000 project for a client, who must pay within 30 days.
Apr. 13	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 $4,400 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	The company paid $5,500 cash in dividends.
Apr. 29	The company purchased $600 of additional office supplies on credit.
Apr. 30	The company paid $435 cash for this months utility bill.
Descriptions of items that require adjusting entries on April 30, 2015, follow.
a)	On April 2, the company prepaid $9,000 cash for twelve months' rent for office space.
b)	The balance in Prepaid insurance represents the premium paid for a 12-month insurance policy; the policy's coverage began on April 1.
c)	Office supplies on hand as of April 30 total $1,200.
d)	Straight-line depreciation of office equipment, based on a 5-year life and a $4,000 salvage value, is $500 per month.
e)	The company has completed work for a client, but has not yet billed the $1,800 fee.
f)	Wages due to employees, but not yet paid, as of April 30 total $2,600.

Journal Entry Worksheet

a) On April 2, the company prepaid $9,000 cash for twelve months' rent for office space.

b) The balance in Prepaid insurance represents the premium paid for a 12-month insurance policy; the policy's coverage began on April 1.

c) Office supplies on hand as of April 30 total $1,200.

d) Straight-line depreciation of office equipment, based on a 5-year life and a $4,000 salvage value, is $500 per month.

e) The company has completed work for a client, but has not yet billed the $1,800 fee.

f) Wages due to employees, but not yet paid, as of April 30 total $2,600.

General Ledger Account

Cash
Date	Debit	Credit	Balance
Apr 29			59,465

Accounts receivable
Date	Debit	Credit	Balance
Apr 29			4,490

Office supplies
Date	Debit	Credit	Balance
Apr 29			4,200

Prepaid insurance
Date	Debit	Credit	Balance
Apr 29			2,400

Prepaid rent
Date	Debit	Credit	Balance
Apr 29			9,000

Office equipment
Date	Debit	Credit	Balance
Apr 29			34,000

Accounts payable
Date	Debit	Credit	Balance
Apr 29			600

Common stock
Date	Debit	Credit	Balance
			106,000

Dividends
Date	Debit	Credit	Balance
			5,500

Services revenue
Date	Debit	Credit	Balance
Apr 29			12,890

Utilities expense
Date	Debit	Credit	Balance
Apr 29			435

LINKWORKS
Trial Balance
April 30, 2015
Account Title	Debit	Credit
Cash	59,465
Accounts receivable	4,490
Office supplies	4,200
Prepaid insurance	2,400
Prepaid rent	9,000
Office equipment	34,000
Accounts payable		600
Common stock		106,000
Dividends	5,500
Services revenue		12,890
Utilities expense	435
Total	119,490	119,490

LINKWORKS
Income Statement
For Month Ended April 30, 2015
Revenues:
Expenses:

LINKWORKS
Statement of Retained Earnings
For Month Ended April 30, 2015
Retained earnings, April 1, 2015		$0
		0
Less: Dividends		(5,500)
Retained earnings, April 30, 2015		$(5,500)

LINKWORKS
Balance Sheet
April 30, 2015
ASSETS
Current assets:
Plant assets:
Total assets
LIABILITIES AND EQUITY
Liabilities:
Equity:
		106,000
		(5,500)

For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Using the drop-down button, select Unadjusted)

	Account affecting the:		Impact on net income
Adjusting entry related to:	Income Statement	Balance Sheet
a) Rent
b) Insurance
c) Office supplies
d) Depreciation
e) Unbilled fees
f) Unpaid wages

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