ForEach Transaction, ( Exam #1-2018FALLS Foreach transaction, (1 X * Andyze the
ID: 2336255 • Letter: F
Question
ForEach Transaction, ( Exam #1-2018FALLS Foreach transaction, (1 X * Andyze the transac bor × x newconnect mheducation.comow/connect.html ork la Tanner opens a Web consulting business called Linkworks and completes the following transactions in its frst mooth of erations ril 1 Tamer invested $135,000 cash along "ith office equipment valued at 132,40e in the copiy n eechange for conmon stock 2 The campany prepald $7,20 cash for 12 months rent for office space. (HEnt: Debit Prepald Rent for $7,200) The copany ma de credit purchwe, f 16,2 ee in orice equipment and ,a inofficesupplies, payment ise e-ithin ie 6 The campany completed services for a client and innedlately recefved $2,200 cash. 9 The campany campleted $10,so0 project for a client, o must pay within 30 days 13 The company paid $19,440 cash to settle the account payable created on pril 3 19 The corpany paid 36,00 cash for the premdum on a 12-month insurance policy. (nt: Debft Prepaid Insurance for $6,00.) 22 The corpany received $8,640o cash as partial payment for the work campleted on April 9 25 The campany campleted sork for another client for $2,640 on credit 28 The campany paid $6,200 cash in dividends. 29 The company purchased $3,080 of additional office supplies on credit. 30. The company paid $700 cash for this month's utility bill. equired: Prepare general journal entries to record these transactions using the following titles Cash (101), Accounts Receivable (106, Office pplies (124) Prepaid Insurance (128), Ptepaid Rent (131 Office Equipment (163), Accounts Payable (201 Common Stock (307) vidends (319), Services Revenue (403), and Utilities Expense (690) Post the journal entries from part , to the ledger accounts Prepare a trial balance as of April 30 Complete this question by entering your anseers in the tabs below Required 1 Required 2 Requred 3 Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable 106); Office Suppies (124)% Prepad Insurance (120); Prepaid Rent (131)% Office Equipment (163)% Accounts Payable 201), Common Stock (307); Dividends (319)% Services Revenue (403); and Ublities Expense (690) iew transaction list Journal entry worksheet 12 34567 812 Tanner invested $135,000 cash along with office equipment valued at $32,400 n the company in exchange for common stockExplanation / Answer
T- accounts
Journal Entries
cash
Date
Explanation
Debit
credit
common stock
135000
prepaid rent
7200
1-Apr
office equipment
32400
service revenue
2000
accounts payable
19440
cash
135000
accounts receivables
8640
prepaid insurance
6000
common stock
167400
dividend
6200
utility expense
200
2-Apr
prepaid rent
7200
balance
106600
cash
7200
total
145640
total
145640
3-Apr
office equipment
16200
office equipment
office supplies
3240
common stock
32400
balance
32400
accounts payable
19440
6-Apr
cash
2000
common stock
service revenue
2000
balance
167400
office equipment
32400
cash
135000
9-Apr
accounts receivables
10800
service revenue
10800
prepaid rent
cash
7200
balance
7200
13-Apr
accounts payable
19440
cash
office equipment
accounts payable
16200
balance
16200
19-Apr
prepaid insurance
6000
cash
office supplies
22-Apr
cash
8640
accounts payable
3240
balance
4320
accounts receivables
8640
accounts payable
1080
26-Apr
accounts receivables
2640
accounts payable
service revenue
2640
cash
19440
office equipment
16200
balance
1080
office supplies
3240
28-Apr
dividend
6200
office supplies
1080
cash
6200
service revenue
29-Apr
office supplies
1080
balance
15440
cash
2000
accounts payable
1080
accounts receivables
10800
accounts receivables
2640
30-Apr
utility expense
200
cash
accounts receivables
service revenue
10800
cash
8640
Trial Balance
service revenue
2640
balance
4800
Explanation
debit
credit
prepaid insurance
cash
106600
cash
6000
balance
6000
office equipment
32400
office supplies
4320
Dividend
common stock
167400
cash
6200
retained earning
6200
prepaid rent
7200
office equipment
16200
utility expense
accounts payable
1080
cash
200
balance
200
service revenue
15440
accounts receivables
4800
prepaid insurance
6000
utility expense
200
dividend
6200
total
183920
183920
T- accounts
Journal Entries
cash
Date
Explanation
Debit
credit
common stock
135000
prepaid rent
7200
1-Apr
office equipment
32400
service revenue
2000
accounts payable
19440
cash
135000
accounts receivables
8640
prepaid insurance
6000
common stock
167400
dividend
6200
utility expense
200
2-Apr
prepaid rent
7200
balance
106600
cash
7200
total
145640
total
145640
3-Apr
office equipment
16200
office equipment
office supplies
3240
common stock
32400
balance
32400
accounts payable
19440
6-Apr
cash
2000
common stock
service revenue
2000
balance
167400
office equipment
32400
cash
135000
9-Apr
accounts receivables
10800
service revenue
10800
prepaid rent
cash
7200
balance
7200
13-Apr
accounts payable
19440
cash
office equipment
accounts payable
16200
balance
16200
19-Apr
prepaid insurance
6000
cash
office supplies
22-Apr
cash
8640
accounts payable
3240
balance
4320
accounts receivables
8640
accounts payable
1080
26-Apr
accounts receivables
2640
accounts payable
service revenue
2640
cash
19440
office equipment
16200
balance
1080
office supplies
3240
28-Apr
dividend
6200
office supplies
1080
cash
6200
service revenue
29-Apr
office supplies
1080
balance
15440
cash
2000
accounts payable
1080
accounts receivables
10800
accounts receivables
2640
30-Apr
utility expense
200
cash
accounts receivables
service revenue
10800
cash
8640
Trial Balance
service revenue
2640
balance
4800
Explanation
debit
credit
prepaid insurance
cash
106600
cash
6000
balance
6000
office equipment
32400
office supplies
4320
Dividend
common stock
167400
cash
6200
retained earning
6200
prepaid rent
7200
office equipment
16200
utility expense
accounts payable
1080
cash
200
balance
200
service revenue
15440
accounts receivables
4800
prepaid insurance
6000
utility expense
200
dividend
6200
total
183920
183920
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