Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me understand how to do this problem as well as helping input the correct answers to each section. Thank you! :) Check my
Please help me understand how to do this problem as well as helping input the correct answers to each section. Thank you! :)
Check my work Karla Tanner opens a Web consulting buslness called Linkworks and completes the following transactions In its first month of operations April 1 Tanner invested $125,000 cash along with ottice equipment valued at $38,909 in the company 2 The company prepaid $7,200 cash for twelve months, rent for office pare. (Hint: Debit Prepaid Rent for $7,2aa.) points 3 The company made credit purchases for $15,009 in office quipment and 3,99 in oftice supplies. Payment is due within 19 eBock Ask Print References days 6 The company completed srvices for a cliant and innediately received $2,93 cash 9 The ronpany cospleted $10, projert for client, who must pay within 3 days 13 The company paid $18,00 cash to settle the account payable created on April 3 19 The ronpany paidh,BBB rash for the premium on 12-month insurance poli ry. (Hint: Debit Prepaid rnsuranra for $6,BBB.) 22 The company received $8, cash as partial payment tor the work conpletd on April 9 75 The ronpany copleted work for another r11 ent fnr2,64on credit 28 Tanner withdrew $6,28 cash trom the company for personal uso 29 The company purchased $1, nf additional office supplies on credit 30 The company paid $708 cash tor this month's utility bill Required: 1. Prepare general Journal entries to record these transactions using the following titles: Cash (101); Accounts Recelvable (106): Office Supplies (12; Prepaid Insurance (128 Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); K. Tanner, Capital (301); K. Tanner, Withdrawals (302): Services Reveue (403): and tlities Expese 90) 2. Post the journal entries from part 1to the ledger accounts. 3. Prepare a trlal balance as of April 30Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started