a Karla Tanner Opens AW: ×N × Secure l https://newconnect.mheducation.com/flow/c

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a Karla Tanner Opens AW: ×N × Secure l https://newconnect.mheducation.com/flow/connect.html CHAPTER 2 HOMEWORK Saved 8 Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations. 10 points April 1 Tanner invested $120,000 cash along with office equipment valued at $28,800 n the company in exchange for. common stock 2 The company prepaid $7,200 cash for 12 months' rent for office space. (Hint: Debit Prepaid Rent for $7, 3 The company made credit purchases for $14,400 in office equipment and $2,880 in office supplies. Payment is due within 19 days 6 The company completed services for a client and immediately received $2,008 cash Skipped eBook Print References 13 The company paid $17,280 cash to settle the account payable created on April 3 19 The company paid $6,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $6,eee.) 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 The company paid $6,280 cash in dividends 29 The company purchased $968 of additional office supplies on credit. 30 The company paid $700 cash for this month's utility bil Required: 1. Prepare general journal entries to record these transactions using the following titles: Cash (101: Accounts fice Equipment (163); Accounts Payable (201); Common Stock (307) Supplies (124: Prepaid Insurance (128) Prepaid Rent (13: Of 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. omplete this question by entering your answers in the tabs below Required 1Required 2 Required 3 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). Prepare general journal entries to record these transactions using the following titles: Cash (101);

Explanation / Answer

1)

cash

DATE GENERAL JOURNAL DEBIT ($) CREDIT ($) April 01 cash 120000 Office equipment 28800 Common stock 148800 April 02 Prepaid rent 9000 cash 9000 April 03 Office equipment 14400 Office supplies 2880 Accounts payable 17280 April 06 cash 2000   Services revenue 2000 April 09 Accounts receivable 9600   Services revenue 9600 April 13 Accounts payable 17280 cash 17280 April 19 Prepaid insurance 6000

cash

6000 April 22 cash 7680   Accounts receivable 7680 April 25 Accounts receivable 2640 Services revenue 2640 April 28 Dividends 6200 cash 6200 April 29 Office supplies 960   Accounts payable 960 April 30 Utilities expense 700 cash 700

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