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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, 0ee cash along with office equipment valued at $28,8e0 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 for $14,480 in office equipment and $2,880 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $2,000 cash. 9 The company completed a $9, 6ee 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 $6,000 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,e08. 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 $6,20e cash from the company for personal use. 29 The company purchased $960 of additional office supplies on credit. 30 The company paid $700 cash for this month's utility bill. Requlred:

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, 0ee cash along with office equipment valued at $28,8e0 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 for $14,480 in office equipment and $2,880 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $2,000 cash. 9 The company completed a $9, 6ee 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 $6,000 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,e08. 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 $6,20e cash from the company for personal use. 29 The company purchased $960 of additional office supplies on credit. 30 The company paid $700 cash for this month's utility bill. Requlred:

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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Karla Tanner opens a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $120,000 cash along with office equipment valued at $28,8ee in the company. 2 The company prepaid $7, 200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7, 200. 3 The company made credit purchases for $14,400 in office equipment and $2,880 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $2,000 cash. 9 The company completed a $9,680 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 $6,000 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,000. 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 $2,648 on credit. 28 Tanner withdrew $6,200 cash from the company for personal use. 29 The company purchased $960 of additional office supplies on credit. 30 The company paid $780 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 Post the journal entries from part 1 to the ledger accounts. 101: Cash 106: Accounts Receivable Date Debit Credit Balance Date Debit Credit Balance 124: Office Supplies 128: Prepaid Insurance Date Debit Credit Balance Date Debit Credit Balance 131: Prepaid Rent 163: Office Equipment Date Debit Credit Balance Date Debit Credit Balance
Transcribed Image Text:Karla Tanner opens a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $120,000 cash along with office equipment valued at $28,8ee in the company. 2 The company prepaid $7, 200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7, 200. 3 The company made credit purchases for $14,400 in office equipment and $2,880 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $2,000 cash. 9 The company completed a $9,680 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 $6,000 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,000. 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 $2,648 on credit. 28 Tanner withdrew $6,200 cash from the company for personal use. 29 The company purchased $960 of additional office supplies on credit. 30 The company paid $780 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 Post the journal entries from part 1 to the ledger accounts. 101: Cash 106: Accounts Receivable Date Debit Credit Balance Date Debit Credit Balance 124: Office Supplies 128: Prepaid Insurance Date Debit Credit Balance Date Debit Credit Balance 131: Prepaid Rent 163: Office Equipment Date Debit Credit Balance Date Debit Credit Balance
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, 00e cash along with office equipment valued at $28,800 in the company. 2 The company prepaid $7,20e cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. 3 The company made credit purchases for $14,400 in office equipment and $2,880 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $2,eee cash. 9 The company completed a $9,600 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 $6,000 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,000. 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 $960 of additional office supplies on credit. 30 The company paid $780 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): 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 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). View transaction list Journal entry worksheet 3 4 5 6 7 8 > 1 2 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
Transcribed Image Text: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, 00e cash along with office equipment valued at $28,800 in the company. 2 The company prepaid $7,20e cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. 3 The company made credit purchases for $14,400 in office equipment and $2,880 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $2,eee cash. 9 The company completed a $9,600 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 $6,000 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,000. 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 $960 of additional office supplies on credit. 30 The company paid $780 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): 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 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). View transaction list Journal entry worksheet 3 4 5 6 7 8 > 1 2 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
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