Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please write correct answer only in required 1, 2, & 3 in the same format for easy read. Karla Tanner opened a Web consulting business

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Please write correct answer only in required 1, 2, & 3 in the same format for easy read.

Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in Its first month of operations. April 1 Tanner invested $150, cash along with office equipment valued at $36,0 in the company in exchange for common stock. April 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,20e. April 3 The company made credit purchases for $18, 0 in office equipment and $3, 6e in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $2,0 cash. April 9 The company completed a $12, project for a client, who must pay within 30 days. April 13 The company paid $21,6 cash to settle the account payable created on April 3. April 19 The company paid $6,60 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit prepaid Insurance for $6,001. April 22 The company received $9,60 cash as partial payment for the work completed on April 9. April 25 The company completed work for another client for $2,646 on credit. April 28 The company paid a $6,200 cash dividend. April 29 The company purchased $1,20 of additional office supplies on credit. April 30 The company paid $700 cash for this month's utility bill. 1. Prepare general journal entrles to record these transactlons using the following titles: Cash (101); Accounts Recelvable (106); Office Supplies (124); Prepald Insurance (128); Prepald Rent (131); Office Equipment (163); Accounts Payable (201); Common Stock (307); Dividends (319); Services Revenue (403); and Utilltles Expense (690). 2. Post the journal entrles from part 1 to the ledger accounts. 3. Prepare a trlal balance as of April 30 . 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). Journal entry worksheet Tanner invested $150,000 cash along with office equipment valued at $36,000 in the company in exchange for common stock. Note: Enter debits before credits. Post the journal entries from part 1 to the ledger accounts. Prepare a trial balance as of April 30

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_2

Step: 3

blur-text-image_3

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

Energy Management Audit And Conservation

Authors: U. P. Kumar Chaturvedula

1st Edition

6202015985, 978-6202015981

More Books

Students also viewed these Accounting questions

Question

2. How should this be dealt with by the organisation?

Answered: 1 week ago

Question

explain what is meant by the term fair dismissal

Answered: 1 week ago