Respuesta :
Answer:
1. Journal entries recording:
April 1
Dr Cash 125,000
Dr Office Equipment 30,000
Cr Common Stock 155,000
( to record owner's capital contribution)
April 2
Dr Prepaid Rent 7,200
Cr Cash 7,200
(to record rent expenses paid 12-month in advance)
April 3
Dr Office equipment 15,000
Dr Office Supplies 3,000
Cr Account Payable 18,000
(to record purchase on account of office supplies/equipment)
April 6
Dr Cash 2,000
Cr Services revenue 2,000
( to record the cash collection from revenue delivered)
April 9
Dr Account Receivable 10,000
Cr Service revenue 10,000
(to record revenue delivered on account basis)
April 13
Dr Account Payable 18,000
Cr Cash 18,000
April 19
Dr Prepaid Insurance 6,000
Cr Cash 6,000
(to record payment for 12-month insurance)
April 22
Dr Cash 8,000
Cr Account Receivable 8,000
(to record account receivable collection)
April 25
Dr Account receivable 2,640
Cr Service revenue 2,640
(to record revenue delivered on account basis)
April 28
Dr Retained Earnings 6,200
Cr Cash 6,200
(to record dividend payment)
April 29
Dr Office supplies 1,000
Cr Account Payable 1,000
(to record office supplies purchased on account)
April 30
Dr Utility expenses 700
Cr Cash 700
(to record utility expenses)
April 30
Dr Rent expenses 600
Dr Insurance expenses 500
Cr Prepaid Rent 600
Cr Prepaid Insurance 500
( closing entries for rent and insurance expenses)
2.
Cash Leger
Debit side:
April 1 125,00 + April 6 2,000 + April 22 8,000 = $135,000
Credit side:
April 2 7,200 + April 13 18,000 April 19 6,000 + April 28 6,200 April 30 700 = $38,100
=> Final Cash ledger balance Debit: $96,900
Prepaid Rent ledger:
Debit side: April 2: 7,200
Credit side: April 30: 600
=> Final Prepaid Rent Ledger Debit $6,600
Prepaid Insurance ledger:
Debit side: April 19 6,000
Credit side: April 30 500
=> Final Prepaid Rent Ledger Debit $5,500
Account receivable:
Debit side: April 10 10,000; April 25: 2,640
Credit side: 8,000
=> Final balance of Account Receivable Debit $4,640
Office Equipment:
Debit side: April 1 30,000; April 3: 15,000;
=> Final balance of Office Equipment Debit $45,000
Office Supplies:
Debit side: April 3 3,000; April 29: 1,000;
=> Final balance of Office Supplies Debit $4,000
Account Payable:
Debit side: April 13: 18,000
Credit side: April 3: 18,000 April 29: 1,000
=> Final balance Credit $1,000
Service Revenue:
Credit side: April 6 2,000; April 9: 10,000 April 25: 2,640
=> Final balance Credit $14,640
Utility expenses:
Debit side: April 30: 700
=> Final balance: Debit side $700
Rent expenses:
Debit side: 30 April 600
=> Final balance: Debit side $600
Insurance expenses:
Debit side: 30 April 500
=> Final balance: Debit side $500
Common stock
April 1: Credit side 125,000
=> Final balance: Credit side $125,000
Retained earnings:
Debit side: April 28 6,200
=> Final balance: Debit side $6,200
Explanation:
1. General Journal Entries to record transactions in Linkworks Consulting for the month of April:
April 1: Debit Cash $125,000
Debit Office equipment $30,000
Credit Common Stock $155,000
To record assets introduced in exchange for common stock.
April 2: Debit Prepaid Rent $7,200
Credit Cash $7,200
To record the prepayment for rent.
April 3: Debit Office equipment $15,000
Debit Office Supplies $3,000
Credit Accounts payable $18,000
To record the purchase of equipment and supplies on account.
April 6: Debit Cash $2,000
Credit Service Revenue $2,000
To record the rendering of service for cash.
April 9: Debit Accounts receivable $10,000
Credit Service Revenue $10,000
To record the rendering of services on account.
April 13: Debit Accounts payable $18,000
Credit Cash $18,000
To record the payment on account.
April 19: Debit Prepaid Insurance $6,000
Credit Cash $6,000
To record the prepayment of insurance.
April 22: Debit Cash $8,000
Credit Accounts receivable $8,000
To record the receipt of cash on account.
April 25: Debit Accounts receivable $2,640
Credit Service Revenue $2,640
To record the rendering of service on account.
April 28: Debit Dividends $6,200
Credit Cash $6,200
To record the payment of dividends.
April 29: Debit Office supplies $1,000
Credit Accounts payable $1,000
To record the purchase of supplies on account.
April 30: Debit Utilities expense $700
Credit Cash $700
To record the payment of utilities for cash.
2. Posting the journal entries to the ledger accounts:
Cash
Date Account Titles Debit Credit
April 1: Common Stock $125,000
April 2: Prepaid Rent $7,200
April 6: Service Revenue $2,000
April 13: Accounts payable $18,000
April 19: Prepaid Insurance $6,000
April 22: Accounts receivable $8,000
April 28: Dividends $6,200
April 30: Utilities expense $700
Office equipment
Date Account Titles Debit Credit
April 1: Common stock $30,000
April 3: Accounts payable $15,000
Common Stock
Date Account Titles Debit Credit
April 1: Cash $125,000
Office equipment $30,000
Prepaid Rent
Date Account Titles Debit Credit
April 2: Cash $7,200
Office Supplies
Date Account Titles Debit Credit
April 3: Accounts payable $3,000
April 29: Accounts payable $1,000
Service Revenue
Date Account Titles Debit Credit
April 6: Cash $2,000
April 9: Accounts receivable $10,000
April 25: Accounts receivable $2,640
Accounts receivable
Date Account Titles Debit Credit
April 9: Service revenue $10,000
April 22: Cash $8,000
April 25: Service Revenue $2,640
Accounts payable
Date Account Titles Debit Credit
April 3: Office supplies $3,000
Office equipment $15,000
April 13: Cash $18,000
April 29: Office supplies $1,000
Prepaid Insurance
Date Account Titles Debit Credit
April 19: Cash $6,000
Dividends
Date Account Titles Debit Credit
April 28: Cash $6,200
Utilities Expense
Date Account Titles Debit Credit
April 30: Cash $700
Data Analysis:
April 1: Cash $125,000 Office equipment $30,000 Common Stock $155,000
April 2: Prepaid Rent $7,200 Cash $7,200
April 3: Office equipment $15,000 Office Supplies $3,000 Accounts payable $18,000
April 6: Cash $2,000 Service Revenue $2,000
April 9: Accounts receivable $10,000 Service Revenue $10,000
April 13: Accounts payable $18,000 Cash $18,000
April 19: Prepaid Insurance $6,000 Cash $6,000
April 22: Cash $8,000 Accounts receivable $8,000
April 25: Accounts receivable $2,640 Service Revenue $2,640
April 28: Dividends $6,200 Cash $6,200
April 29: Office supplies $1,000 Accounts payable $1,000
April 30: Utilities expense $700 Cash $700
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