a Tanner opens a Web consulting business called Linkworks and completes the foll

Question

a Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first mopth of tions 11 1 Tanner invested $135,0 cash along with office equipment valued at $32,40 in the campany in exchange for carman stock 2 The company prepaid 57,200 cash for 12 months rent for office space. (Hints Debit Prepaid Rent for $7,200.) 3 The corpany made credit purchases for $16,200 In office equipment and 53,240 En office supplíes Peyrent ve withtn 1 days. 6 The campany campleted services for a client and imnedEately recefved $2,00 cash. 9 The campany campleted$10,800 praject for client, who must pay within 30 days 13 The company paid $19,440 cash to settle the account payable created on April 3 19 The carpany paid $6,000 cash for the prendum on 12-month insurance polscy. (mint: Debit Prepaid Insurance for $6, 000. ) 22 The conpany recelved 38,640 cash as partial payment for the work campleted on April s. 25 The company completed work for another client for $2,640 on credit 28 The company paid 36,200 cash in dividends 29 The conpany purchased $1,0e of asditional office supplies on credit. 30 The copaty paid $700 cash for this month's ility bil quired repare general journal entries to record these transactionsusing the following titles Cash (101 Accounts Receivable (106. Office plies (124), Prepaid Insurance (1281 Prepaid Rent (131. Office Equipment r63. Accounts Payable (201, Common Stock (307. dends (319), Services Revenue (403), and Utilities Expense (690) Post the journal entries from part 1 to the ledger accounts Prepare a trial balance as of Apnil 30 Complete this question by entering your answers in the tabs below Requred 1 Requred 2 Requred 3 repare gener al journal entnes to record these transactions using the following titles: Cash (101); Accounts Receivable 106); Office Suppies (124): Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable 201): Common Stock (307); Dividends (319)% Services Revenue (403); and Utlties Expense (690) View transaction ist Journal entry worksheet 3 4 678 12 Tanner rivested $135,000 cash along with office equpment valued at $32,400 n the company in exchange for common stock

Explanation / Answer

DR CR 1 Cash 135000 Office Equipment 32400 Common Stock 167400 2 Prepaid Rent 7200 Cash 7200 3 Office Equipment 16200 Office Supplies 3240 Account Payable 19440 6 Cash 2000 Service Revenue 2000 9 Account Receivable 10800 Service Revenue 10800 13 Account Payable 19440 Cash 19440 19 Prepaid Insurance 6000 Cash 6000 22 Cash 8640 Account Receivable 8640 25 Account Receivable 2640 Service Revenue 2640 28 Dividend 6200 Cash 6200 29 Office Supplies 1080 Account Payable 1080 30 Utilities Expense 700 Cash 700 Trial Balance DR CR Cash 106100 Prepaid Rent 7200 Office Equipment 48600 Office Supplies 4320 Service Revenue 15440 Account Receivable 4800 Prepaid Insurance 6000 Dividend 6200 Utilities Expense 700 Common Stock 167400 Account Payable 1080 Total 183920 183920

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