Please answer general journal - impact on income
Karla Tanner opened a web consulting business called Linkworks and recorded the following transactions in its first month of operations Apr 1 Tanner invests $88,868 cash along with office equipment valued at $26,888 in the company in exchange for common stock Apr. 2 The company prepaid $9,88e 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 $8,868 in office equipment and $3,608 in office supplies. Payment is due within 18 days Apr. 6 The company completed services for a client and immediately received $4,808 cash Apr. 9 The company completed a $6,80 project for a client, who must pay within 38 days Apr. 13 The company paid $11,680 cash to settle the account payable created on April 3 Apr. 19 The company paid $2,488 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 $4,488 cash as partial payment for the work completed on April 9 Apr. 25 The company completed work for another client for $2,898 on credit Apr. 28 The company paid $5,58e cash in dividends Apr. 29 The company purchased $68e of additional office supplies on credit Apr. 30 The company paid $435 cash for this month's utility bi11 Descrlptlons of Items thet requlre adjusting entrles on Aprll 30, 2017, 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. St Retained Balance Sheet Income General Ledger pact on Requirement Trial Balance Journal Earnings General Journal tab -For each transaction, review the unadjusted balance and prepare the adjusting entry necessary to correctly report the revenue earned or the expense incurred. After adjusting the accounts, review the general ledger and trial balance for accuracy. General Ledger tab Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted or adjusted balances. Trial Balance tab - You may view either the unadjusted or adjusted trial balance by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs Income Statement tab - Use the drop-downs to select the accounts properly included on the income statement. The unadjusted or adjusted balances will appear for each account, based on your selection. Statement of Retained earnings tab The unadjusted or adjusted balances will appear for each account, based on your selection. Balance Sheet tab - Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted or adjusted balances will appear for each account, based on your selection. Impact on Income tab -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: Select unadjusted on the dropdown.) General Journal>
