Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month ofoperations.April 1April 2April 3April 6April 9April 13April 19April 22April 25April 28Tanner invested $135,000 cash along with office equipment valued at $32,400 in the company in exchange forcommon stock.The company completed a $10,800 project for a client, who must pay within 30 days.The company paid $19,440 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 PrepaidInsurance for $6,000.The company received $8,640 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 29 The company purchased $1,080 of additional office supplies on credit.April 30 The company paid $700 cash for this month's utility bill.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 $16,200 in office equipment and $3,240 in office supplies. Payment isdue within 10 days.The company completed services for a client and immediately received $2,000 cash.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); 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.Complete this question by entering your answers in the tabs below.Required 1 Required 2No1Prepare 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).Required 3View transaction list View journal entry worksheetDateApril 01No Transaction RecordedAccount Title< Required 1Required 2 >DebitCreditKarla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month ofoperations.April 1April 2April 3Tanner invested $135,000 cash along with office equipment valued at $32,400 in the company in exchange forcommon 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 $16,200 in office equipment and $3,240 in office supplies. Payment isdue within 10 days.April 6April 9April 13The company completed services for a client and immediately received $2,000 cash.The company completed a $10,800 project for a client, who must pay within 30 days.The company paid $19,440 cash to settle the account payable created on April 3.April 19 The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit PrepaidInsurance for $6,000.The company received work for another client forApril 22640 cash ap pala paymene 640 on credit.for the work completed on April 9.April 25April 28April 29April 30The company completedThe company paid a $6,200 cash dividend.The company purchased $1,080 of additional office supplies on credit.The company paid $700 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); 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.Complete this question by entering your answers in the tabs below.Required 1DatePost the journal entries from part 1 to the ledger accounts.101: CashDateDateDateDateRequired 2DateDebitRequired 3Credit124: Office SuppliesDebitCredit131: Prepaid RentDebitebitCredit201: Accounts PayableDebitCredit319: Dividends690: Utilities ExpenseDebitCreditBalanceBalanceBalanceBalanceBalanceBalanceDateDateDateDateDate< Required 1106: Accounts ReceivableDebitCredit128: Prepaid InsuranceDebitCredit163: Office EquipmentDebitCredit307: Common StockDebitCredit403: Services RevenueDebitCreditRequired 3BalanceBalanceBalanceBalanceBalan Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month ofoperations.Required 3 ner invested $135,000 cash along with office equipment valued at $32,400 in the company in exchange formon stock.April 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200.April 3 The company made credit purchases for $16,200 in office equipment and $3,240 in office supplies. Payment isdue within 10 days.The company completed services for a client and immediately received $2,000 cash.April 6April 9 The company completed a $10,800 project for a client, who must pay within 30 days.April 13 The company paid $19,440 cash to settle the account payable created on April 3.April 19The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit PrepaidInsurance for $6,000.April 22 The company received $8,640 cash as partial payment for the work completed on April 9.April 25 The company completed work for another client for $2,640 on credit.The company paid a $6,200 cash dividend.April 28April 29The company purchased $1,080 of additional office supplies on credit.April 30 The company paid $700 cash for this month's utility bill.Required:1. Prepare general Journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); OfficeSupplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Common Stock (307);Dividends (319); Services Revenue (403); and Utilities Expense (690).2. Post the journal entries from part 1 to the ledger accounts.3. Prepare a trial balance as of April 30.Complete this question by entering your answers in the tabs below.Required 1Required 2TotalRequired 3Prepare a trial balance as of April 30.LINKWORKSTrial BalanceApril 30$Debit0 $Credit0

Journal entries recording is first step in accounting cycle process, under which atleast one account…

Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. aner invested $135,000 cash along with office equipment valued at $32,400 in the company in exchange for Required 3 mon stock. April 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. April 3 The company made credit purchases for $16,200 in office equipment and $3,240 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $2,000 cash. April 9 The company completed a $10,800 project for a client, who must pay within 30 days. April 13 The company paid $19,440 cash to settle the account payable created on April 3. April 19 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 $8,640 cash as partial payment for the work completed on April 9. April 25 The company completed work for another client for $2,640 on credit. April 28 The company paid a $6,200 cash dividend. April 29 April 30 The company purchased $1,080 of additional office supplies on credit. The company paid $700 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); 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.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 3PA: S. Davis, a graphic artist, opened a studio for her professional practice on August 1. The account...

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