value 1000 points Karla Tanner opens a Web consulting busine

value 10.00 points Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations April 1 Tanner invests $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock 2 The company prepaid $9,000 cash for twelve months\' rent for office space. (Hint Debit Prepaid Rent for $9,000.) 3 The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days 6 The company completed services for a client and immediately received $4,000 cash 9 The company completed a $6,000 project for a client, who must pay within 30 days 13 The company paid $11,600 cash to settle the account payable created on April 3 19 The company paid $2,400 cash for the premium on a 12-month insurance policy. (Hint Debit Prepaid Insurance for $2,400.) 22 The company received $4.400 cash as partial payment for the work completed on April 9 25 The company completed work for another client for $2,890 on credit 28 The company 29 The company purchased $600 of additional office supplies on credit 30 The company paid $435 cash for this month\'s utility bill paid $5,500 cash in dividends Required 1. Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Office Equipment (16 (106), Office Supplies Journal entry worksheet Type here to search

Solution

A B C D E F G H 2 3 1) 4 5 Journal Entry for the transactions will be as follows: 6 7 Date Account Debit Credit 8 1-Apr Cash $80,000.00 9 Computer Equipment $26,000.00 10 Common Stock $106,000.00 11 12 2-Apr Prepaid Rent $9,000 13 Cash $9,000 14 15 3-Apr Office Supplies $3,600 16 Office Equipment $8,000 17 Account Payable $11,600 18 19 6-Apr Cash $4,000 20 Service Revenue $4,000 21 22 9-Apr Account Receivables $6,000 23 Service Revenue $6,000 24 25 13-Apr Account Payable $11,600 26 Cash $11,600 27 28 19-Apr Prepaid insurance $2,400 29 Cash $2,400 30 31 22-Apr Cash $4,400 32 Account Receivables $4,400 33 34 25-Apr Account Receivables $2,890 35 Service Revenue $2,890 36 37 28-Apr Dividends $5,500 38 Cash $5,500 39 40 29-Apr Office Supplies $600 41 Account Payable $600 42 43 30-Apr Utilities Expense $435 44 Cash $435 45