Preparing and posting journal entries; preparing a trial balance

P$1$ A$1$

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

Apr. $1$ Tanner invested $$80,000$ cash along with office equipment valued at $$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.

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

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

$19.$ The company paid $$2,400$ cash for the premium on a $12-$month prepaid insurance policy. Hint: Debit Prepaid Insurance for $$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 a $$5,500$ cash dividend.

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

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

Required

Required

Prepare general journal entries to record these transactions $($use account titles listed in part $2).$

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 $30.$

Check $(2)$ Ending balances: Cash, $$59,465$; Accounts Receivable, $$4,490$; Accounts Payable, $$600$

$(3)$ Total debits, $$119,490$