Karla tanner opens a web consulting business called linkworks and completes the following transactions in its first month of operations.
april 1 tanner invests $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock.
2 the company prepaid $9,000 cash for 12 months' rent for office space. (hint: debit prepaid rent for $9,000.)
3 the company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. payment is due within 10 days.
6 the company completed services for a client and immediately received $4,000 cash.
9 the company completed a $6,000 project for a client, who must pay within 30 days.
13 the company paid $11,600 cash to settle the account payable created on april 3.
19 the company paid $2,400 cash for the premium on a 12-month insurance policy. (hint: debit prepaid insurance for $2,400.)
22 the company received $4,400 cash as partial payment for the work completed on april 9.
25 the company completed work for another client for $2,890 on credit.
28 the company paid $5,500 cash in dividends.
29 the company purchased $600 of additional office supplies on credit.
30 the company paid $435 cash for this month's utility bill.
required
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.
prepare a trial balance as of april 30.
3. prepare financial statements. (income statement, statement of retained earnings and balance sheet)