Karla Tanner opens a Web consulting business called Linkworks and completed the following transactions in its first month ofoperations.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 10days.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): OfficeSupplies (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 1Required 2 Required 3Post the journal entries from part 1 to the ledger accounts.101: Cash106: Accounts ReceivableDateDebitCreditBalanceDateDebitCreditBalance124: Office Supplies128: Prepaid InsuranceDateDebitCreditBalanceDateDebitCreditBalance131: Prepaid Rent163: Office EquipmentDateDebitCreditBalanceDateDebitCreditBalance Karla Tanner opens a Web consulting business called Linkworks and completed the following transactions in its first month ofoperations.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 10days.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): OfficeSupplies (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 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); K. Tanner, Capital (301);K. Tanner, Withdrawals (302); Services Revenue (403); and Utilities Expense (690).View transaction listJournal entry worksheet3 4 5 6 7 8>1212Tanner invested $120,000 cash along with office equipment valued at $28,800in the company.Note: Enter debits before credits.DateAccount TitleDebitCreditApril 01Record entryClear entryView general journal

The Journal entries are prepared to record the daily transactions of the business.

Answered: Karla Tanner opens a Web consulting…

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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Prepare the JOURNAL ENTRY to record the transactions of DALISAY Tailoring Shop for the month of January 2017 and POST IT TO THE LEDGER. 1 Mr. Dalisay made the following investment: i. Cash ii. SEWING Machine P80,000 20,000 Purchased furniture for cash , P10,000. Purchased supplies for cash,P3,000. Paid the January 2017 rent, P2,000. Acquired additional equipment (two sewing machine @ P15,000 each). Terms: P10,000 down,the balance 3 5 7 8 On six monthly installment. 15 Paid the semi-monthly payroll,P2,000 with the following deductions; SSS Premium Payable,P66.00, Medicare Payable,P12,00, With holding Taxes Payable,P14.00. 15 Received cash for services rendered,P15,000. 20 Sent a bill to customer for services rendered,P5,000. 22 Received a note for a customer for services rendered,P5,000. 27 Purchased supplies for cash,P500. 31 Paid salaries for two weeks,P2,000. (use same deductions on January 15,2017) 31 Withdrew cash for personal use, P500.00.
Sipan Retail Company was recently created with a beginning cash balance of $12,000. The owner expects the following for the first month of operations: Cash sales to customers $8,000 Sales on account to customers $30,000 Cash collected from account customers $12,000 Cost of merchandise purchased $35,000 Cash paid for merchandise purchased $24,500 Cost of merchandise sold $26,600 Cash paid for display cases $9,600 Selling and administrative expenses $4,000 The display cases above were purchased at the beginning of the month and are being depreciated at a rate of $200 per month. This amount is included in the selling and administrative expenses figure above. All other selling and administrative expenses are paid as incurred. Sipan wants to maintain a cash balance of $10,000. Any amount below this can be borrowed from a local bank as needed in increments of $1,000. All borrowings are made at month end. 75. In Sipan's cash budget for this first month, how much money will Sipan need to…
Karla Tanner opens a web consulting business called Linkworks and completes the following transactions in its first month of operations. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. April 1 Tanner invested $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock. April 2 The company prepaid $9,000 cash for 12 months' rent for office space. The company's policy is to record prepaid expenses in balance sheet accounts. April 3 The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $4,000 cash. April 9 The company completed a $6,000 project for a client, who must pay within 30 days. April 13 The company paid $11,600 cash to settle the account payable…
operations. April 1 April 2 April 3 April 6 April 9 April 13 April 19 Tanner invested $120,000 cash along with office equipment valued at $28,800 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 $14,400 in office equipment and $2,880 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 $9,600 project for a client, who must pay within 30 days. The company paid $17,280 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 22 The company received $7,680 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…
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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 < 1 2 Date April 01 3 Note:…
c. Pass the transactions to balance Accounting Equation for the month of January 2021: January 1: Star Co started a business with $70000 cash in hand and $50000 cash at bank. January 3: Purchased furniture $15000 and building $25000 and paid cash. January 4: Purchased office supplies and raw material for $5000 and $10000 respectively on account. January 5: Star co. issued additional capital of $25000 by depositing in bank account. January 11: Purchased equipment by issuing 30 days notes payable for S10000, January 12: Sold raw material of $5500 equal to the original cost on account. January 15: Received cash of $4500 in settlement of account receivables. January 20: Paid utility expenses for $5000 in cash.
Jay Crowley established Affordable Realty, which completed the following transactions during the month: Jay Crowley transferred cash from a personal bank account to an account to be used for the business in exchange for common stock, $40,000. Paid rent on office and equipment for the month, $4,800. Purchased supplies on account, $2,150. Paid creditor on account, $1,100. Earned sales commissions, receiving cash, $18,750. Paid automobile expenses (including rental charge) for month, $1,580, and miscellaneous expenses, $800. Paid office salaries, $3,500. Determined that the cost of supplies used was $1,300. Paid dividends, $1,500. Instructions Journalize entries for transactions (a) through (i), using the following account titles: Cash, Supplies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Explanations may be omitted. Prepare T accounts,…
Getting Better: Solve the Problem below. 1. Gypsy Co. had the following cash related transaction for the fist month of operation, March 2018. the owner invested P 100, 00 0 to start her business Bought P 50, 200 worth of merchandize inventory Sold goods for P 80, 500 on account Collected P 50, 800 from accounts receivable March 6. 15 17 Sold goods for cash P 75, 300 Paid employees salaries amounting to P 36, 900 paid electricity and water bills amounting to P 23, 600 the owner withdraw P 15, 500 for personal expenses 19 25 29 30 Required: Determine the T-account. Gaining Mastery: Summarize the effect of all the transaction above problem and the balance at the end of the period, consider the table below. Normal Debit Credit Balance Date Assets Liability capital Gypsy Capital 100,000) Date cash Account Inventory Account Receivable payable March I 106, 000 P 501 200 PS0,200 is 17 19 25 29 30
Walker Company has just started the operations in July. The company is owned by Franklin Walker.The following transactions have taken place in the first month of operation. Dates Transactions July 1 Received cash investment of $ 650,000 from Franklin Walker.July 1 Purchased two computers for $50,000 for cash. July 4 Received $10,000 service income in cash from services provided. July 5Purchased supplies of $1,000 on credit. The payment will be made on 20 July. July 6Paid advertising expense of $1,500. July 12 Provided $6,500 worth of services on account.July 15 Received cash of $6,000 in advance from ABC. The company will provide the service for the next three months.July 20Paid telephone bill of $220. July 20Paid supplies purchased on 5 July.July 31Paid monthly salary to employee of $ 8,000. Required:Journalize the transactions above in the format Below. Date Account titles and explanation Reference

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