Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

ter 02 Homework Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations 02-03 $3,400,

image text in transcribed
ter 02 Homework Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations 02-03 $3,400, April 1 Tanner invested $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock 2 The company prepaid $9,000 cash for 12 months' rent for office space. Mint: Debit Trepaid Rent for $9,000. 3 The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $4.000 cash. The company completed a $6.000 project for a client, who must pay within 30 days. 13 19 The company paid $2,400 cash for the premium on a 12-month insurance policy. Wint! Debit Prepaid Insurance for 22 The company received $4,400 cash as partial payment for the work completed on April . 25 The company completed work for another client for $2.890 on credit. 28 The company paid a $5,500 cash dividend. 29 The company purchased $600 of additional office supplies on credit. 30 The company paid 5435 ch for this month's utility bill. Required: 1. 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 Renue (403) and Utilities Expense (690). 2. Post the journal entries from part 1 to the ledger accounts 3. Prepare a trial balance as of April 30. Dook Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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). View transaction lit Journal entry worksheet 1 2 3 4 5 6 7 12 > Tanner invested $80,000 cash along with office equipment valued at $25,000 in the company in exchange for common stock. Date April 01 Account Title Debit Recent Clear entry View general Journal ter 02 Homework Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations 02-03 $3,400, April 1 Tanner invested $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock 2 The company prepaid $9,000 cash for 12 months' rent for office space. Mint: Debit Trepaid Rent for $9,000. 3 The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $4.000 cash. The company completed a $6.000 project for a client, who must pay within 30 days. 13 19 The company paid $2,400 cash for the premium on a 12-month insurance policy. Wint! Debit Prepaid Insurance for 22 The company received $4,400 cash as partial payment for the work completed on April . 25 The company completed work for another client for $2.890 on credit. 28 The company paid a $5,500 cash dividend. 29 The company purchased $600 of additional office supplies on credit. 30 The company paid 5435 ch for this month's utility bill. Required: 1. 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 Renue (403) and Utilities Expense (690). 2. Post the journal entries from part 1 to the ledger accounts 3. Prepare a trial balance as of April 30. Dook Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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). View transaction lit Journal entry worksheet 1 2 3 4 5 6 7 12 > Tanner invested $80,000 cash along with office equipment valued at $25,000 in the company in exchange for common stock. Date April 01 Account Title Debit Recent Clear entry View general Journal

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

QFinance The Ultimate Resource

Authors: Various Authors

1st Edition

1849300003, 978-1849300001

More Books

Students also viewed these Finance questions

Question

Find y'. y= |x + X (x) (x) X 1 02x+ 2x 1 O 2x + 1/3 Ex 2x +

Answered: 1 week ago