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value: 1.53 points Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations. April 1
value: 1.53 points Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations. April 1 Tanner invests $130,000 cash along office equipment valued at $31.200 in the company in with exchange for common stock. 2 The company prepaid $7,200 cash for twelve months' rent for office space. (Hint Debit Prepaid for $7,200.) 3 The company made credit purchases for $15,600 in office equipment and $3,120 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received s2,000 cash. 9 The company completed a $10,400 project for a client, who must pay within 30 days. 13 The company paid $18,720 cash to settle the account payable created on April 3. 19 The company paid $6,000 cash for the premium on a 12-month insurance policy. (Hint Debit Prepaid Insurance $6,000.) 22 The company received $8.320 cash as partial payment for the work completed on April 9 25 The company completed work for another client for $2.640 on credit. 28 The company paid $6,200 cash in dividends. 29 The company purchased $1,040 of additional office supplies on credit. 30 The company paid $700 cash 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 Payable (201): Common Stock (307) Dividends (319) Services Revenue (403); and Utilities Expense
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