Karla Tanner opens a Web consulting business called Linkworks and con operations. April 1 Tanner invested $128,0ee cash along with office equipment val 2 The company prepaid $7, 200 cash for 12 months' rent for offie 3 The company made credit purchases for $14,400 in office equip days. 6 The company completed services for a client and immediately m 9 The company completed a $9,6e0 project for a client, who must 13 The company paid $17,280 cash to settle the account payable 19 The company paid $6,e00 cash for the premium on a 12-month in 22 The company received $7,680 cash as partial payment for the w 25 The company completed work for another client for $2,640 on 28 Tanner withdrew $6,200 cash from the company for personal use 29 The company purchased $960 of additional office supplies on 30 The company paid $700 cash for this month's utility bill.
Karla Tanner opens a Web consulting business called Linkworks and con operations. April 1 Tanner invested $128,0ee cash along with office equipment val 2 The company prepaid $7, 200 cash for 12 months' rent for offie 3 The company made credit purchases for $14,400 in office equip days. 6 The company completed services for a client and immediately m 9 The company completed a $9,6e0 project for a client, who must 13 The company paid $17,280 cash to settle the account payable 19 The company paid $6,e00 cash for the premium on a 12-month in 22 The company received $7,680 cash as partial payment for the w 25 The company completed work for another client for $2,640 on 28 Tanner withdrew $6,200 cash from the company for personal use 29 The company purchased $960 of additional office supplies on 30 The company paid $700 cash for this month's utility bill.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Karla Tanner opens a Web consulting business called Linkworks and completed the following transactions in its first month of
operations.
April 1 Tanner invested $128,090 cash along with office equipment valued at $28,8ee 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, 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 $6,800 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,00e.
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
Prepare a trial balance as of April 30.
LINKWORKS
Trial Balance
April 30
Debit
Credit
Total
< Required 2
Required 3](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ffe46867b-8e32-4051-86e0-c12e0211534e%2F95dfed75-6b36-4e7a-ac54-520af90f483d%2F63d42nf_processed.png&w=3840&q=75)
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 $128,090 cash along with office equipment valued at $28,8ee 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, 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 $6,800 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,00e.
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
Prepare a trial balance as of April 30.
LINKWORKS
Trial Balance
April 30
Debit
Credit
Total
< Required 2
Required 3
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