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Karla Tanner opens a Web consulting business called Linkworks and completed the following transactions In its first month of operations. April 1 Tanner invested $120, e00 cash along with office equipment valued at $28, 80I in the company. 2 The company prepaid $7, 200 cash for 12 months rent for office space. Hint: Debit Prepaid Rent for $7,280. 3 The company made credit purchases foe $14 400 in office equiprent and $2,88e in office supplies. Payment is due within 16 days. 6 The company completed services for a client and imrediately received S2,000 cash. 9 The company completed a s9,600 project for a client, who must pay within 30 days. 13 The company paid $17, 280 cash to settle the account payable created on April 3. 19 The company paid $6,e0 cash for the premium on a 12-month insurance policy. Hìnt: Debit Prepaid Insurance for s6,eee. 22 The company received$7,680 cash as partial payment for the work completed on Apriil 9. 25 The company completed work for another client for $2,64e on credit. 28 Tanner withdrew $6, 200 cash from the company for personal use. 29 The company purchased s068 of additional office supplies on credit. 30 The company paid $7e cash for this ronth'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 Payabie (201): K. Tanner, Capital (301): K. Tanner, Withdrawals (302): Services Revenue (403): and Utilities Expense (690). 2. Post the journal entries from part 1 to the ledger accounts.

Karla Tanner opens a Web consulting business called Linkworks and completed the following transactions In its first month of operations. April 1 Tanner invested $120, e00 cash along with office equipment valued at $28, 80I in the company. 2 The company prepaid $7, 200 cash for 12 months rent for office space. Hint: Debit Prepaid Rent for $7,280. 3 The company made credit purchases foe $14 400 in office equiprent and $2,88e in office supplies. Payment is due within 16 days. 6 The company completed services for a client and imrediately received S2,000 cash. 9 The company completed a s9,600 project for a client, who must pay within 30 days. 13 The company paid $17, 280 cash to settle the account payable created on April 3. 19 The company paid $6,e0 cash for the premium on a 12-month insurance policy. Hìnt: Debit Prepaid Insurance for s6,eee. 22 The company received$7,680 cash as partial payment for the work completed on Apriil 9. 25 The company completed work for another client for $2,64e on credit. 28 Tanner withdrew $6, 200 cash from the company for personal use. 29 The company purchased s068 of additional office supplies on credit. 30 The company paid $7e cash for this ronth'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 Payabie (201): K. Tanner, Capital (301): K. Tanner, Withdrawals (302): Services Revenue (403): and Utilities Expense (690). 2. Post the journal entries from part 1 to the ledger accounts.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ertit X W 3.2 Domain and Rang X 26 Solve Radical Equal X O Topic: Presentation 2 X 2.6 Other Types of Eq ezto.mheducation.com/ext/map/index.html?_con3Dcon&external browser=D0&launchUrl=https%253A%252F%252Flms.mhec Homework O Karia Tanner opens a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $120, 000 cash along with office equipment valued at $28,800 in the company. 2 The company prepaid $7,200 cash for 12 manths' rent for office space. Hint: Debit Prepaid Rent for $7, 280. 3 The company made credit purchases for $14,400 in office equipment and $2,886e in office supplies. Payment is due within 18 days. 6 The company completed services for a client and imrediately received $2,000 cash. 19 The company completed a $9,6e0 project for a client, who must pay within 30 days. 13 The company paid $17, 280 cash to settle the account payable created on April 3. 19 The company paid $6,e00 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance fon $6,eee. 22 The company received $7,680 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 Tanner withdrew $6, 200 cash from the company for personal use. 29 The company purchased S968 of additional office supplies on credit 38 The company paid $7ee cash for this month's utility bill. Requlred: 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): K. Tanner, Capital (301): K. Tanner, Withdrawals (302): 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. 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 follovring titles: Cash (101); Accounts Receivable (106); Office Supplies (124): Prepaid Insurance (128): Prepaid Rent (131): Office Equipment (163); Accounts Payable (201): K. Tanner, Capital (301); K. Tanner, Withdrawals (302); Services Revenue (403): and Utilities Expense (690). View transaction list Journal entry worksheet 3 4 6 8 8 .... 12 Tanner invested $120,000 cash along with office equipment valued at $28,800 in the company. Note: Enter debits before credits. Date Account Title Debit Credit April 01 Record entry Clear entry View general journal Ac Graw Hill ( Prev 2 of
Transcribed Image Text:ertit X W 3.2 Domain and Rang X 26 Solve Radical Equal X O Topic: Presentation 2 X 2.6 Other Types of Eq ezto.mheducation.com/ext/map/index.html?_con3Dcon&external browser=D0&launchUrl=https%253A%252F%252Flms.mhec Homework O Karia Tanner opens a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $120, 000 cash along with office equipment valued at $28,800 in the company. 2 The company prepaid $7,200 cash for 12 manths' rent for office space. Hint: Debit Prepaid Rent for $7, 280. 3 The company made credit purchases for $14,400 in office equipment and $2,886e in office supplies. Payment is due within 18 days. 6 The company completed services for a client and imrediately received $2,000 cash. 19 The company completed a $9,6e0 project for a client, who must pay within 30 days. 13 The company paid $17, 280 cash to settle the account payable created on April 3. 19 The company paid $6,e00 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance fon $6,eee. 22 The company received $7,680 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 Tanner withdrew $6, 200 cash from the company for personal use. 29 The company purchased S968 of additional office supplies on credit 38 The company paid $7ee cash for this month's utility bill. Requlred: 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): K. Tanner, Capital (301): K. Tanner, Withdrawals (302): 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. 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 follovring titles: Cash (101); Accounts Receivable (106); Office Supplies (124): Prepaid Insurance (128): Prepaid Rent (131): Office Equipment (163); Accounts Payable (201): K. Tanner, Capital (301); K. Tanner, Withdrawals (302); Services Revenue (403): and Utilities Expense (690). View transaction list Journal entry worksheet 3 4 6 8 8 .... 12 Tanner invested $120,000 cash along with office equipment valued at $28,800 in the company. Note: Enter debits before credits. Date Account Title Debit Credit April 01 Record entry Clear entry View general journal Ac Graw Hill ( Prev 2 of
A sole proprietorship had the following assets and llablitles at the beginning and end of this year. Liabilities $ 31,938 46,778 Assets Beginning of the year End of the year $74,500 115,500 a. Owner made no Investments In the business, and no withdrawals were made during the year. b. Owner made no Investments In the business, but withdrew $1,050 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did Invest an additional $45,000 cash. d. Owner withdrew $1,050 cash per month for personal use, and the owner Invested an additional $35.000 cash. Determine net Income or net loss for the business during the year for each of the above separate cases (Decreases In equlty should be Indiceted with a minus sign.) b. Beginning of the year-Equity Owner investments Withdrawals by owner Net income (loss) End of the year-Equity
Transcribed Image Text:A sole proprietorship had the following assets and llablitles at the beginning and end of this year. Liabilities $ 31,938 46,778 Assets Beginning of the year End of the year $74,500 115,500 a. Owner made no Investments In the business, and no withdrawals were made during the year. b. Owner made no Investments In the business, but withdrew $1,050 cash per month for personal use. c. Owner made no withdrawals during the year, but the owner did Invest an additional $45,000 cash. d. Owner withdrew $1,050 cash per month for personal use, and the owner Invested an additional $35.000 cash. Determine net Income or net loss for the business during the year for each of the above separate cases (Decreases In equlty should be Indiceted with a minus sign.) b. Beginning of the year-Equity Owner investments Withdrawals by owner Net income (loss) End of the year-Equity
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