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PLS help me!!! Karla Tanner opens a web consulting business called Linkworks and recorded the following transactions in its first month of operations. Apr. 1
PLS help me!!!
Karla Tanner opens a web consulting business called Linkworks and recorded the following transactions in its first month of operations. Apr. 1 Tanner invests $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock. Apr. 2 The company prepaid $9,000 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 $8,000 in office equipment and $3, 600 in office supplies. Payment is due within 10 days. Apr. 6 The company completed services for a client and immediately received $4,000 cash. Apr. 9 The company completed a $6,000 project for a client, who must pay within 30days. Apr. 13The company paid $11, 600 cash to settle the account payable created on April 3. Apr. 19The company paid $2, 400cash 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, 400 cash as partial payment for the work completed on April 9. Apr. 25The company completed work for another client for$2, 890 on credit. Apr. 28The company paid $5, 500cash in dividends. Apr. 29The company purchased $600 of additional office supplies on credit. Apr. 30 The company paid $435 cash for this month's utility bill. Descriptions of items that require adjusting entries on April 30, 2015, follow. On April 2, the company prepaid $9,000 cash for twelve months' rent for office space. The balance in Prepaid insurance represents the premium paid for a 12-month insurance policy; the policy's cove rage began on April 1. Office supplies on hand as of April 30 total $1, 200. Straight-line depreciation of office equipment, based on a 5-year life and a $4,000 salvage value. is$500 per month. The company has completed work for a client, but has not yet billed the $1, 800 fee. Wages due to employees, but not yet paid, as of April 30 total $2, 600Step by Step Solution
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