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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
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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

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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