Homework idApril 1April 2April 3/ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.comKarla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month ofoperations.April 6April 9April 13April 19Tanner invested $100,000 cash along with office equipment valued at $24,000 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 $12,000 in office equipment and $2,400 in office supplies. Payment is due within 10days.The company completed services for a client and immediately received $2,000 cash.The company completed a $8,000 project for a client, who must pay within 30 days.The company paid $14,400 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:$6,000.April 22The company received $6,400 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 dividend.April 25April 28April 29 The company purchased $800 of additional office supplies on credit.April 30 The company paid $700 cash for this month's utility bill.2. Post the journal entries from part 1 to the ledger accounts.3. Prepare a trial balance as of April 30.SubmittedRequired: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); Common Stock (307);Dividends (319); Services Revenue (403); and Utilities Expense (690).Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Prepaid Insurance ford these transactions using the following titles: Cash (101): Accounts Receivable (106):

Journal is also known as day book which is used to record the day to day transactions of the…

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); Common Stock (307); Dividends (319); 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.

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); Common Stock (307); Dividends (319); 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.

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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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

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Homework i
d
April 1
April 2
April 3
/ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com
Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of
operations.
April 6
April 9
April 13
April 19
Tanner invested $100,000 cash along with office equipment valued at $24,000 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 $12,000 in office equipment and $2,400 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 $8,000 project for a client, who must pay within 30 days.
The company paid $14,400 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:
$6,000.
April 22
The company received $6,400 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 dividend.
April 25
April 28
April 29 The company purchased $800 of additional office supplies on credit.
April 30 The company paid $700 cash for this month's utility bill.
2. Post the journal entries from part 1 to the ledger accounts.
3. Prepare a trial balance as of April 30.
Submitted
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); Common Stock (307);
Dividends (319); Services Revenue (403); and Utilities Expense (690).
Complete this question by entering your answers in the tabs below.
Required 1
Required 2
Required 3
Prepaid Insurance for
d these transactions using the following titles: Cash (101): Accounts Receivable (106):

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