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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