On April 2, the company prepaid $9,000 cash for twelve months' rent for office space. b) The balance in Prepaid insurance represents the premium paid for a 12-month insurance policy the policy's coverage began on April 1. c) Office supplies on hand as of April 30 total $1,200. d) Straight-line depreciation of office equipment, based on a 5-year life and a $4,000 salvage value, is $500 per month. e) The company has completed work for a client, but has not yet billed the $1,800 fee. f) Wages due to employees, but not yet paid, as of April 30 total $2,600.

Missing information:

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

Apr. 1Tanner invests $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock.

Apr. 2The company prepaid $9,000 cash for twelve months’ rent for office space. The company's policy is record prepaid expenses in balance sheet accounts.

Apr. 3The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days.

Apr. 6The company completed services for a client and immediately received $4,000 cash.

Apr. 9The company completed a $6,000 project for a client, who must pay within 30 days.

Apr. 13The company paid $11,600 cash to settle the account payable created on April 3.

Apr. 19The company paid $2,400 cash for the premium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts.

Apr. 22The company received $4,400 cash as partial payment for the work completed on April 9.

Apr. 25The company completed work for another client for $2,890 on credit.

Apr. 28The company paid $5,500 cash in dividends.

Apr. 29The company purchased $600 of additional office supplies on credit.

Apr. 30The company paid $435 cash for this month’s utility bill.

Journalize, and prepare income statement and balance sheet

Apr. 1Tanner invests $80,000 cash along with office equipment valued at $26,000 in the company in exchange for common stock.

Dr Cash 80,000

    Cr Common stock 80,000

Apr. 2The company prepaid $9,000 cash for twelve months’ rent for office space. The company's policy is record prepaid expenses in balance sheet accounts.

Dr Prepaid rent 9,000

    Cr Cash 9,000

Apr. 3The company made credit purchases for $8,000 in office equipment and $3,600 in office supplies. Payment is due within 10 days.

Dr Equipment 8,000

Dr Supplies 3,600

    Cr Accounts payable 11,600

Apr. 6The company completed services for a client and immediately received $4,000 cash.

Dr Cash 4,000

    Cr Service revenue 4,000

Apr. 9The company completed a $6,000 project for a client, who must pay within 30 days.

Dr Accounts receivable 6,000

    Cr Service revenue 6,000

Apr. 13The company paid $11,600 cash to settle the account payable created on April 3.

Dr Accounts payable 11,600

    Cr Cash 11,600

Apr. 19The company paid $2,400 cash for the premium on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts.

Dr Prepaid insurance 2,400

    Cr Cash 2,400

Apr. 22The company received $4,400 cash as partial payment for the work completed on April 9.

Dr Cash 4,400

    Cr Accounts receivable 4,400

Apr. 25The company completed work for another client for $2,890 on credit.

Dr Accounts receivable 2,890

    Cr Service revenue 2,890

Apr. 28The company paid $5,500 cash in dividends.

Dr Dividends 5,500

    Cr Cash 5,500

Apr. 29The company purchased $600 of additional office supplies on credit.

Dr Supplies 600

    Cr Accounts payable 600

Apr. 30The company paid $435 cash for this month’s utility bill.

Dr Utilities expense 435

    Cr Cash 435

Adjusting entries:

a) On April 2, the company prepaid $9,000 cash for twelve months' rent for office space.

Dr Rent expense 750

    Cr Prepaid rent 750

b) The balance in Prepaid insurance represents the premium paid for a 12-month insurance policy the policy's coverage began on April 1.

Dr Insurance expense 200

    Cr Prepaid insurance 200

c) Office supplies on hand as of April 30 total $1,200.

Dr Supplies expense 3,000

    Cr Supplies 3,000

d) Straight-line depreciation of office equipment, based on a 5-year life and a $4,000 salvage value, is $500 per month.

Dr Depreciation expense 500

    Cr Accumulated depreciation - equipment 500

e) The company has completed work for a client, but has not yet billed the $1,800 fee.

Dr Accrued income 1,800

    Cr Service revenue 1,800

f) Wages due to employees, but not yet paid, as of April 30 total $2,600.

Dr Wages expense 2,600

    Cr Wages payable 2,600

                 Linkworks

            Income Statement

For the month ended April 30th, 202x

Service revenue             $14,690

Wages expense             ($2,600)

Supplies expense          ($3,000)

Depreciation expense      ($500)

Insurance expense           ($200)

Rent expense                    ($750)

Utilities expense               ($435)

Net income                      $7,205

retained earnings = $7,205 - $5,500 (dividends) = $1,705

                   Linkworks

               Balance Sheet

For the month ended April 30th, 202x

Assets:

Cash $59,465

Accounts receivable $4,490

Accrued income $1,800

Prepaid rent $8,250

Prepaid insurance $2,200

Supplies $1,200

Equipment net $7,500

Total assets: $84,950

Liabilities and stockholders' equity:

Accounts payable $600

Wages payable $2,600

Common stock $80,000

Retained earnings $1,705

Total liabilities and stockholders' equity: $84,905

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