Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please fill out the provided chart in picture :) Karla Tanner opens a web consulting business called Linkworks and completes the following transactions in its

image text in transcribedimage text in transcribed
please fill out the provided chart in picture :)
image text in transcribed
image text in transcribed
Karla Tanner opens a web consulting business called Linkworks and completes the following transactions in its first month of operations. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. Apri1 1 Tanner invested $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock. Apri1 2 The company prepaid $9,000 cash for 12 monthe' rent for office apace. The company' a policy is to record prepaid expenses in balance oheet accounta. Apri1 3 The company made credit purchasen for 58,000 in office equipnont and 53,600 in office supplies. Paynent is due with in 10 dayn. Apri1 6 The company completed nervices for a client and imnediately received $4,000canh. Apri1 9 The company completed a $6,000 project for a elient, who must pay within 30 days. Apri1 13 The company paid $11,600 cash to settle the account payable ereated on Aprit 3 . April 19 The company paid $2,400 cash for the premium on a 12 -month prepaid inaurance polley. The company's polloy in to record prepaid expenses in balance sheet accounts. Apri1 22 The company received $4,400 cash as partial payment for the work campleted on April 9. Apri1 25 The company completed work for another client for $2,890 on oredit. April 28 The company paid $5,500 cash in dividends. April 29 The company purchased $600 of additional office supplies on credit. April 30 The company paid $435 cash for this month's utility bill. The financial statements report the cumulative impact of all transactions recorded as of the financial statement date. Input the cumulative amount of a) Net Income (Loss), b) Total Assets, c) Total Liabilities, and d) Total Equity that would be reported on the financial statements immediately after each transaction is recorded. (Hint: You can check your work by selecting the date on the trial balance tab.) The first two transactions are completed for you

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Corporate Financial Accounting

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

13th edition

1285868781, 978-1285868783

More Books

Students also viewed these Accounting questions

Question

What library (libraries) did you use to write the C++ programs?

Answered: 1 week ago

Question

What are the key aspects of CX?

Answered: 1 week ago