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Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations April 1 Tanner invested $100,000
Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations April 1 Tanner invested $100,000 cash along with office equipment valued at $24,000 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 $12,000 in office equipment and $2,400 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 $8,000 project for a client, who must pay within 30 days. 13 The company paid $14,400 cash to settle the account payable created on April 3. 19 The company paid $6,900 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $6,900.) 22 The company received $6,400 cash as partial payment for the work completed on Apri1 9. 25 The company completed work for another client for $2,640 on credit 28 The company paid $6,200 cash in dividends. 29 The company purchased $800 of additional office supplies on credit. 30 The company paid $700 cash for this month's utility bil1. 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 Complete this question by entering your answers in the tabs below. Required 1Required 2 Required 3 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). View transaction list Journal entry worksheet Tanner invested $100,000 cash along with office equipment valued at $24,000 n the company in exchange for common stock. Note: Enter debits before credits. Date Account Title Debit Credit April 01 K123 4 5 678 12 The company prepaid $7,200 cash for twelve months' rent for office space. Note: Enter debits before credits. Date Account Title Debit Credit April 02 Record entry Clear entry View general journal Journal entry worksheet K12 3 4 5 678 12 The company made credit purchases for $12,000 in office equipment and $2,400 in office supplies. Payment is due within 10 days. Note: Enter debits before credits. Date Account Title Debit Credit April 03 Record entry Clear entry View general journal Journal entry worksheet K123 4 5 678.... 12 The company completed services for a client and immediately received $2,000 cash Note: Enter debits before credits. Date Account Title Debit Credit April 06 Record entry Clear entry View general journal Journal entry worksheet The company completed a $8,000 project for a client, who must pay within 30 days. Note: Enter debits before credits. Date Account Title Debit Credit April 09 Record entry Clear entry View general journal Journal entry worksheet 12 3 45 6 7 8 12 The company paid $14,400 cash to settle the account payable created on April 3. Note: Enter debits before credits. Date Account Title Debit Credit April 13 Record entry Clear entry View general journal Journal entry worksheet K1 23 4 5 678 12 The company paid $6,000 cash for the premium on a 12-month insurance policy. Note: Enter debits before credits. Debit Account Title Date Credit April 19 Record entry Clear entry View general journal Journal entry worksheet The company received $6,400 cash as partial payment for the work completed on April 9 Note: Enter debits before credits. Date Account Title Debit Credit April 22 Clear entry Record entry View general journal Journal entry worksheet
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