Business, 29.01.2020 04:44, tbowlby7620
Karla tanner opens a web consulting business called linkworks and completes the following transactions in its first month of operations.
april 1
tanner invests $125,000 cash along with office equipment valued at $30,000 in the company in exchange for common stock.
2
the company prepaid $7,200 cash for 12 months' rent for office space. (hint: debit prepaid rent for $7,200.)
3
the company made credit purchases for $15,000 in office equipment and $3,000 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 $10,000 project for a client, who must pay within 30 days.
13 the company paid $18,000 cash to settle the account payable created on april 3.
19
the company paid $6,000 cash for the premium on a 12-month insurance policy. (hint: debit prepaid insurance for $6,000.)
22
the company received $8,000 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 in dividends.
29 the company purchased $1,000 of additional office supplies on credit.
30 the company paid $700 cash for this month's utility bill.
required:
1.
prepare general journal entries to record these transactions.
2.
post the journal entries from part 1 to the ledger accounts.
Answers: 1
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Karla tanner opens a web consulting business called linkworks and completes the following transactio...
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