Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations. April 1 Tanner invested $135,000 cash along with office equipment valued at $32, 400 n the company in exchange for common stock. 2 The company prepaid $7,200 cash for 12 months' rent for office space. (Hint: Debit Prepaid Rent for $7,200.) 3 The company made credit purchases for $16, 200 in office equipment and $3,240 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $2,000 cash. 9 The company completed a $10,800 project for a client, who must pay within 30 days. 13 The company paid $19,440 cash to settle the account payable created on April 3. 19 The company paid $6,000 cash for the premium on a 12-month Insurance policy. (Hint: Debit Prepaid Insurance for $6,000.) 22 The company received $8,540 cash as partial payment for the work completed on April 9. 25 The company completed work for another client for $2,640 on credit. 28 The company paid 56,200 cash in dividends. 29 The company purchased 51,080 of additional office supplies on credit. 30 The company paid 5700 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). 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 April 30 Chapter 6 & Comprehensive Saved Required 1 Required 2 Required 3 Prepare general Journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106): Offic Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690). View transaction list Journal entry worksheet 2 3 4 5 6 7 8 ..... Tanner invested $135,000 cash along with office equipment valued at $32,400 n the company in exchange for common stock. Note: Enter debits before credits Account Title Date April 01 Debit Credit Required 1 Required 2 Required 3 Post the journal entries from part 1 to the ledger accounts. 101: Cash Debit Credit Date 106: Accounts Receivable Debit Credit Balance Date Balance 124: Office Supplies Debit Credit Date Balance 128: Prepaid Insurance Debit Credit Date Balance Date 131: Prepaid Rent Debit Credit Balance Date 163: Office Equipment Debit Credit Balance Date 201: Accounts Payable Debit Credit Balance 307: Common Stock Debit Credit Date Balance 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date Balance Date Balance 201: Accounts Payable Debit Credit Date 307 Common Stock Debit Credit Balance Date Balance 319: Dividends Debit Credit Date 403: Services Revenue Debit Credit Balance Date Balance 690: Utilities Expense Debit Credit Balance Required 1 Required 2 Required 3 Prepare a trial balance as of April 30. LINKWORKS Trial Balance April 30 Debit Credit 1 II 1 1 1 D 1 Total |