Karla Tanner opens a Web consulting business called Linkworks and completed the following transactions in its first month ofoperations.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 10days.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): 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 a trial balance as of April 30.LINKWORKSTrial BalanceApril 30DebitCreditTotal< Required 2Required 3

A journal entry is a type of accounting entry that is used to record a business transaction in a…

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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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:…
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Identify the 3 issues with this General Journal
Ken Hughes opened a web consulting business called Security First and recorded the following transactions in its first month of operations. Apr. 1 Hughes invests $89,000 cash along with office equipment valued at $37,500 in the company. Apr. 2 The company prepaid $10,800 cash for twelve months’ rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 3 The company made credit purchases for $8,500 in office equipment and $4,100 in office supplies. Payment is due within 10 days. Apr. 6 The company completed services for a client and immediately received $6,100 cash. Apr. 9 The company completed a $17,500 project for a client, who must pay within 30 days. Apr. 13 The company paid $12,600 cash to settle the account payable created on April 3. Apr. 19 The company paid $3,120 cash for the premium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts.…
Q3 James Collier left his job at a large corporation where he had worked as a senior accountant. He was getting $82000 as yearly salary. He established his own J.C. Accounting firm. J.C. Accounting earned total revenue $680000 in first year. The material cost was $49000; costs for rented equipment were $30000, salary given to the security man was $18800 and wages given to workers were $158229 in a year. The interest forgone for the invested funds was $22000 per year. James Collier estimated his entrepreneurial talent was worth $19850 per year. He was also offered $26985 per year to train employees in another firm. Two students assist him managing his account books for which they are paid $6550 each per year. Find accounting profits and economic profits for J.C. Accounting firm. Should James Collier stay in his business? Why? Explicit costs = Implicit costs = Economic costs = Accounting…
O d. debit to Manufacturing Overhead of OMR 95,000 O e. credit to Work in Process of OMR 71,250 Ali is currently working as a human resource manager for a company and earns a good salary. He is planning to pursue a Master of Business Administration (MBA) degree. He recently received an offer from University A, which included the cost of tuition fees. If Ali decided to go for the MBA study, his company would stop paying his salary. At the same time, if Ali completed his MBA degree, he would earn a higher salary than his current one. Furthermore, Ali has recently purchased an apartment in the city and moved in. For Ali, when considering whether or not to go for the MBA study, the cost of tuition fees is referred to as: O a. Incrementairevenue. O b. None of the given answers. O C. Incremental cost. O d. Opportunity cost. O e. Sunk cost. NEXT PAGE AGE MacBook Air
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Section 3
tes June 1 T. James, owner, invested $11,000 cash in Sustain Company. June 2 The company purchased $4,000 of furniture made from reclaimed wood on credit. June 3 The company paid $600 cash for a 12-month prepaid insurance policy on the reclaimed furniture. June 4 The company billed a customer $3,000 for sustainability services provided. June 12 The company paid $4,000 cash toward the payable from the June 2 furniture purchase. June 20 The company collected $3,000 cash for services billed on June 4. June 21 T. James invested an additional $10,000 cash in Sustain Company. June 30 The company received $5,000 cash in advance of providing sustainability services to a customer. Prepare general journal entries for the above transactions. View transaction list Journal entry worksheet 1 2 3 Date June 01 Note: Enter debits before credits. 4 5 T. James, owner, invested $11,000 cash in Sustain Company. 67 General Journal 8 Debit Credit

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