Prepare a general ledger for the following information
make a balance sheet
Karla Tanner opened 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 30 days. Apr. 13 The company paid $11,600 cash to settle the account payable created on April 3. Apr. 19 The company paid $2,400 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 $4,400 cash as partial payment for the work completed on April 9. Apr. 25 The company completed work for another client for $2,890 on credit. Apr. 28 The company paid $5,500 cash in dividends. Apr. 29 The 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, 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 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. ) Wages due to employees, but not yet paid, as of April 30 total $2,600. total $1,200 Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Impact on Income Unadjusted General Ledger Account Cash Accounts receivable No. Debit Credit Balance No. Date Debit Credit Date Apr 30 Balance 4,490 59,465 Apr 30 Office supplies Debit Credit Prepaid insurance Debit Credit No. Date Date Apr 30 Balance 4,200 Apr 30 Balance 2,400 Prepaid rent Debit Office equipment Debit Credit No. Credit Date Date Apr 30 Balance 9,000 Balance 34,000 Apr 30 Common stock Accounts payable Debit Credit No. Debit Credit Date Apr 30 Balance 600 Date Apr 30 Balance 106,000 Dividends Services revenue Debit Credit Debit Credit No. Date Apr 30 Balance 5,500 Date Apr 30 Balance 12,890 Utilities expense Debit Credit No. Balance Date Apr 30 435
