Question

Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations April 1 Tanner invested $100,000 cash along with office equipment valued at $24,000 in the company in exchange for common stock. 2. The company prepaid $7,200 cash for 12 months rent for office space. Wint: Debit Prepaid Rent for 57,200. 3 The company made credit purchases for $12,000 in office equipment and $2,400 in office supplies. Payment is due within 10 days. 6 The company completed services for a client and immediately received $2,000 cash. 9 The company completed a $5,000 project for a client, who must pay within 30 days 13 The company paid $14,400 cash to settle the account payable created on April 19 The company paid $6,000 cash for the premium on a 12-month Insurance policy. Wint: Debit Prepaid Insurance for $6.000 22 The company received 6,400 cash as partial payment for the work completed on April 9. 25 The company completed work for another client for $2,640 on credit 28 The company paid $6,200 cash dividend. 29 The company purchased $800 of additional office supplies on credit. 30 The company paid $700 cash for this month's utility bill. Required: 1. Prepare general joumal entries to record these transactions using the following titles: Cash (101) 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). 2. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a trial balance as of April 30. Required 1 Required 2 Required 3 Prepare general journal entries to record these transactions using the following titles: Cash (101); 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). View transaction list Journal entry worksheet 2 3 1 5 6 7 8 . 12 Tanner Invested $100,000 cash along with office equipment valued at $24,000 in the company in exchange for common stock. Note: Enter debits before credits Account Title Debit Credit Date April 01 Record entry Clear entry View general journal 101: Cash Debit Credit 106: Accounts Receivable Debit Credit Date Balance Date Balance 124: Office Supplies Debit Credit 128: Prepaid Insurance Debit Credit Date Balance Date Balance 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date Balance Date Balance 201: Accounts Payable Debit Credit 307: Common Stock Debit Credit Date Balance Date Balance 319: Dividends Debit Credit 403: Services Revenue Debit Credit Date Balance Date Balance 690: Utilities Expense Debit Credit Date Balance Required 1 Required 2 Required 3 Prepare a trial balance as of April 30. LINKWORKS Trial Balance April 30 Debit Credit Total

Answer 1

To record the transactions for Linkworks, general journal entries should be prepared using the given account titles. The specific entries for each transaction are listed in a step-by-step manner.

Step-by-step explanation:

To record the transactions for Linkworks, we need to prepare general journal entries using the given account titles. Here are the entries for each transaction:

1. April 1: Debit Cash $100,000, Debit Office Equipment $24,000, Credit Common Stock $124,000
2. April 2: Debit Prepaid Rent $7,200, Credit Cash $7,200
3. April 3: Debit Office Equipment $12,000, Debit Office Supplies $2,400, Credit Accounts Payable $14,400
4. April 6: Debit Cash $2,000, Credit Services Revenue $2,000
5. April 9: Debit Accounts Receivable $5,000, Credit Services Revenue $5,000
6. April 13: Debit Accounts Payable $14,400, Credit Cash $14,400
7. April 19: Debit Prepaid Insurance $6,000, Credit Cash $6,000
8. April 22: Debit Cash $6,400, Credit Accounts Receivable $6,400
9. April 25: Debit Accounts Receivable $2,640, Credit Services Revenue $2,640
10. April 28: Debit Dividends $6,200, Credit Cash $6,200
11. April 29: Debit Office Supplies $800, Credit Accounts Payable $800
12. April 30: Debit Utilities Expense $700, Credit Cash $700