Question

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

April		1		Tanner invested $135,000 cash along with office equipment valued at $32,400 n 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 $16,200 in office equipment and $3,240 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 $10,800 project for a 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 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 $8,640 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 $1,080 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 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.

Need a jounalentry worksheet Part1

Part2 - Post the journal entries from part 1 to the ledger accounts

Part3 - Prepare a trial balance as ofAprol30

Answer 1

Answer 1.
Journal Entry
Date	Particulars	Dr. Amt.	Cr. Amt.
1-Apr	Cash	135,000.00
	Office Equipment	32,400.00
	Common Stock		167,400.00
	(Record the issue of Common Stock)
2-Apr	Prepaid Rent	7,200.00
	Cash		7,200.00
	(record the rent paid for 12 months)
3-Apr	Office Equipment	16,200.00
	Supplies	3,240.00
	Accounts Payable		19,440.00
	(Record the equipment & Supplies purch.)
6-Apr	Cash	2,000.00
	Service Revenue		2,000.00
	(record the service revenue)
9-Apr	Accounts Receivable	10,800.00
	Service Revenue		10,800.00
	(record the service revenue)
13-Apr	Accounts Payable	19,440.00
	Cash		19,440.00
	(record the accounts payable paid)
19-Apr	Prepaid Insurance	6,000.00
	Cash		6,000.00
	(Record the insurance paid)
22-Apr	Cash	8,640.00
	Accounts Receivable		8,640.00
	(record the cash received)
25-Apr	Accounts Receivable	2,640.00
	Service Revenue		2,640.00
	(record the service revenue)
28-Apr	Dividends	6,200.00
	Cash		6,200.00
	(record the dividends paid)
29-Apr	Supplies	1,080.00
	Accounts Payable		1,080.00
	(Record the Supplies purch.)
30-Apr	Utilities Expenses	700.00
	Cash		700.00
	(record the utilities paid)

Answer 2.
Cash					Accounts Receivable					Office Supplies
1-Apr	135,000.00	7,200.00	2-Apr		9-Apr	10,800.00	8,640.00	22-Apr		3-Apr	3,240.00
6-Apr	2,000.00	19,440.00	13-Apr		25-Apr	2,640.00				29-Apr	1,080.00
22-Apr	8,640.00	6,000.00	19-Apr
		6,200.00	28-Apr
		700.00	30-Apr
End. Bal.	106,100.00				End. Bal.	4,800.00				End. Bal.	4,320.00
Prepaid Insurance					Prepaid Rent					Office Equipment
19-Apr	6,000.00				2-Apr	7,200.00				1-Apr	32,400.00
										3-Apr	16,200.00
End. Bal.	6,000.00				End. Bal.	7,200.00				End. Bal.	48,600.00
Accounts Payable					Common Stock					Dividends
13-Apr	19,440.00	19,440.00	3-Apr				167,400.00	1-Apr		28-Apr	6,200.00
		1,080.00	29-Apr
End. Bal.		1,080.00			End. Bal.		167,400.00			End. Bal.	6,200.00
Service Revenue					Utilities Expenses
		2,000.00	6-Apr		30-Apr	700.00
		10,800.00	9-Apr
		2,640.00	25-Apr
End. Bal.		15,440.00			End. Bal.	700.00

Answer 3.
Trial Balance
As of April 30
	Dr. Amt.	Cr. Amt.
Cash	106,100.00
Accounts Receivable	4,800.00
Office Supplies	4,320.00
Prepaid Insurance	6,000.00
Prepaid Rent	7,200.00
Office Equipment	48,600.00
Accounts Payable		1,080.00
Common Stock		167,400.00
Dividends	6,200.00
Service Revenue		15,440.00
Utilities Expenses	700.00
Total	183,920.00	183,920.00