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Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations.

18 / 01 / 2019 Research Papers

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Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations.

April1Tanner invests $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock.
2The company prepaid $9,000 cash for 12 months’ rent for office space. (Hint: Debit Prepaid Rent for $9,000.)
3The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days.
6The company completed services for a client and immediately received $4,000 cash.
9The company completed a $6,000 project for a client, who must pay within 30 days.
13The company paid $11,600 cash to settle the account payable created on April 3.
19The company paid $2,400 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $2,400.)
22The company received $4,400 cash as partial payment for the work completed on April 9.
25The company completed work for another client for $2,890 on credit.
28The company paid $5,500 cash in dividends.
29The company purchased $600 of additional office supplies on credit.
30The company paid $435 cash for this month’s utility bill.

Required

  1. Open the following ledger accounts�their account numbers are in parentheses (use the balance column format): 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). Post journal entries from part 1 to the ledger accounts and enter the balance after each posting.

  2. Prepare a trial balance as of April 30.

    3. Prepare Financial statements. (Income statement, statement of Retained earnings and Balance Sheet)


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