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 month's 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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