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 Apri 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 paid $5,.500 cash in dividends 29 The company purchased $600 of additional office supplies on credit 30 The company paid $435 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) Ofmice Equipment (163), Accounts Payable (201): Common Stock (307), Dividends (319). Services Revenue (403), and Utilities Expense (690) View transaction list View journal entry worksheet Date General Journal DebitCredit 1 | April 01 |Cash 80,000 Office equipment Common stock 26,000 106,000 Type here to search

Solution

Cash Accounts receivable Date Debit Credit Balance Date Debit Credit Balance 1-Apr 80,000 80,000 9-Apr 6,000 6,000 2-Apr 9,000 71,000 22-Apr 4,400 1,600 6-Apr 4,000 75,000 25-Apr 2,890 4,490 13-Apr 11,600 63,400 19-Apr 2,400 61,000 22-Apr 4,400 65,400 28-Apr 5,500 59,900 30-Apr 435 59,465 124-office supplies 128-Prepaid insurance Date Debit Credit Balance Date Debit Credit Balance 3-Apr 3,600 3,600 19-Apr 2,400 2,400 29-Apr 600 4,200 131-prepaid rent 163-Office Equipment Date Debit Credit Balance Date Debit Credit Balance 2-Apr 9,000 9,000 1-Apr 26,000 26,000 3-Apr 8,000 34,000 201-Accounts payable 307-Common stock Date Debit Credit Balance Date Debit Credit Balance 3-Apr 11,600 11,600 1-Apr 106,000 106,000 13-Apr 11,600 0 29-Apr 600 600 Dividends Service revenye Date Debit Credit Balance Date Debit Credit Balance 28-Apr 5,500 5,500 6-Apr 4,000 4,000 9-Apr 6,000 10,000 25-Apr 2,890 12,890 690-Utilities expense Date Debit Credit Balance 30-Apr 435 435 Trial Balance Debit Credit Cash 59,465 Accounts receivable 4,490 Office supplies 4,200 prepaid insurance 2,400 prepaid rent 9,000 office equipment 34,000 Accounts payable 600 Common stock 106,000 Dividends 5,500 Service revenue 12,890 utilities expense 435 total 119,490 119490