FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Problem 2-1A (Algo) Preparing and posting journal entries; preparing a trial balance LO A1, P1
Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of
operations.
April 1 Tanner invested $140,000 cash along with office equipment valued at $33,600 in the company.
April 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200.
April 3 The company made credit purchases for $16,800 in office equipment and $3,360 in office supplies. Payment is
due within 10 days.
April 6 The company completed services for a client and immediately received $2,000 cash.
April 9 The company completed a $11,200 project for a client, who must pay within 30 days.
April 13 The company paid $20,160 cash to settle the account payable created on April 3.
April 19 The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit Prepaid
Insurance for $6,000.
April 22 The company received $8,960 cash as partial payment for the work completed on April 9.
April 25 The company completed work for another client for $2,640 on credit.
April 28 Tanner withdrew $6,200 cash from the company for personal use.
April 29 The company purchased $1,120 of additional office supplies on credit.
April 30 The company paid $700 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); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); K. Tanner,
Capital (301); K. Tanner, Withdrawals (302); 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.
Complete this question by entering your answers in the tabs below.
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Transcribed Image Text:le Chrome File Edit View Gbjs - Google Search History Bookmarks Profiles Tab Window Help M Chapter 2 Quiz - Connect × WiConnect - Home x M Question 11- Chapter 2 Home Content C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... Chapter 2 Homework i Saved Tue May 28 8:1 New Chrome available Help Save & Exit Submit 11 24.85 points eBook Ask Print References Problem 2-1A (Algo) Preparing and posting journal entries; preparing a trial balance LO A1, P1 Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations. April 1 Tanner invested $140,000 cash along with office equipment valued at $33,600 in the company. April 2 The company prepaid $7,200 cash for 12 months' rent for office space. Hint: Debit Prepaid Rent for $7,200. April 3 The company made credit purchases for $16,800 in office equipment and $3,360 in office supplies. Payment is due within 10 days. April 6 The company completed services for a client and immediately received $2,000 cash. April 9 The company completed a $11,200 project for a client, who must pay within 30 days. April 13 The company paid $20,160 cash to settle the account payable created on April 3. April 19 The company paid $6,000 cash for the premium on a 12-month prepaid insurance policy. Hint: Debit Prepaid Insurance for $6,000. April 22 The company received $8,960 cash as partial payment for the work completed on April 9. April 25 The company completed work for another client for $2,640 on credit. April 28 Tanner withdrew $6,200 cash from the company for personal use. April 29 The company purchased $1,120 of additional office supplies on credit. April 30 The company paid $700 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); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); K. Tanner, Capital (301); K. Tanner, Withdrawals (302); 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. Complete this question by entering your answers in the tabs below. Mc raw ill MAY 28 < Prev 11 of 15 Next > tv N MacBook Pro A Aa b -> C G Search or type URL ☆ $ % & 1 4 5 6 7 8 66 9 0 Check my work
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