Question 8 Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month ofoperations.April 1Tanner invested $145,000 cash along with office equipment valued at $34,800 in the company in exchange forcommon stock.April 2April 3The company prepaid $7,200 cash for 12 months’ rent for office space. Hint: Debit Prepaid Rent for $7,200.The company made credit purchases for $17,400 in office equipment and $3,480 in office supplies. Payment isdue within 10 days.The company completed services for a client and immediately received $2,000 cash.The company completed a $11,600 project for a client, who must pay within 30 days.The company paid $20,880 cash to settle the account payable created on April 3.The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit PrepaidInsurance for $6,000.The company received $9,280 cash as partial payment for the work completed on April 9.The company completed work for another client for $2,640 on credit.The company paid a $6,200 cash dividend.The company purchased $1,160 of additional office supplies on credit.The company paid $700 cash for this month's utility bill.April 6April 9April 13April 19April 22April 25April 28April 29April 30Required:1. Prepare general journal entriesSupplies (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).2. Post the journal entries from part 1 to the ledger accounts.3. Prepare a trial balance as of April 30.record these transactions using the following titles: Cash (101); Accounts Receivable (106); OfficeComplete this question by entering your answers in the tabs below.Required 1Required 2Required 3 Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); OfficeSupplies (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 listJournal entry worksheet13478.12<>.....Tanner invested $145,000 cash along with office equipment valued at $34,800in the company in exchange for common stock.Note: Enter debits before credits.DateAccount TitleDebitCreditApril 01Clear entryView general journalRecord entry

The question requires us to prepare General Journal, General Ledgers' and Trial Balance in the Books…

Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $145,000 cash along with office equipment valued at $34,800 in the company in exchange for common stock. The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. The company made credit purchases for $17,400 in office equipment and $3,480 in office supplies. Payment is due within 10 days. The company completed services for a client and immediately received $2,000 cash. The company completed a $11,600 project for a client, who must pay within 30 days. The company paid $20,880 cash to settle the account payable created on April 3. The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit Prepaid Insurance for $6,000. April 2 April 3 April 6 April 9 April 13 April 19 April 22 The company received $9,280 cash as partial payment for the work completed on April 9. April 25 April 28 April 29 April 30 The company completed work for another client for $2,640 on credit. The company paid a $6,200 cash dividend. The company purchased $1,160 of additional office supplies on credit. 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 Equipment (163); Accounts Payable (201); Common Stock (307); Dividends (319); Services Revenue (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.

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q