Transactions for April $2024$ A

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HINTS

Use the numeric values from the table of transactions in Transactions worksheet for calculations to joumalize Redmond's transactions for $2018.$

Do not use an equal sign $>$ when entering a numeric value.

Enter debits, then credits.

Enter the journal entries according to the transaction number $(T$ r$.$ #I$)$ and date. Some of the input cells marked in blue may not require entries.

Instructions

Transactions

ENTERANSWERS$1$

ENTERANSU

Ready

Accessibility: Investigate No answers entered here! The trial balance will automatically populate after the answers are entered in the ENTERANSWER$2$ tab.Use Excel to prepare the Income Statement for the company using the trial balance.

$($Always use cell references and formulas where appropriate to receive full credit. If you copy$/$paste from the Instructions or Trial Balance tab or if you type the numbers in$,$

you will be marked wrong.$)$

Hint: Click inside this cell, type

an equals sign $(=),$ click on the

Service Revenue amount in the

Trial Balance, then press the

Enter key.

Fill in the blue shaded areas using a formula that references the account balances at the end of the

month in the Trial Balance tab.

Expenses should be entered as positive numbers in the income statement.

$1$ On April $1,2024,$ Redmond Corporation, an information technology $($IT$)$ consulting company, received $$650,000$ cash from Ron Larson, and the business issued common

stock to him.

$2$ On April $3,$ Redmond paid $$225,000$ cash for land.

$3$ Redmond purchased $$1,250$ of office supplies on account on April $5.$

$4$ On April $6,$ Redmond provided IT consulting services for a client and collected $$12,000$ cash.

$5$ Redmond provided IT consulting services of $$14,000$ for clients on April $7.$ The clients will pay Redmond in the future.

$6$ Redmond paid cash expenses on April $10$: salaries of $$8,000$ and office rent of $$5,000.$

$7$ On April $12,$ Redmond paid $$750$ on the accounts payable created in Transaction #$3.$

$8$ Redmond collected $$3,000$ cash on April $14$ from a client in transaction #$5.$

$9$ On April $16,$ Redmond paid $$2,500$ for dividends.

$10$ On April $18,$ Redmond prepaid office rent of $$15,000$ for the months of May, June and July.

$11$ Redmond paid $$8,000$ salaries to employees on April $20.$

$12$ Redmond purchased a building for $$520,000$ on April $25.$ A note payable was issued for the entire amount.

$13$ On April $26,$ Redmond received a contribution of furniture with a fair market value of $$25,000$ from Ron Larson, who received common stock in exchange.

$14$ Redmond received a cell phone bill for $$1,100$ on April $28,$ and will pay this amount in May. Use Utilities Payable.

$15$ On April $30,$ Redmond paid employee salaries of $$8,000$

$16$ Redmond meets with a client on April $30,$ who pays $$22,000$ in advance for consulting services to be performed during May and June.

$17$ On April $30,$ Redmond performed consulting services for clients and received $$16,000$ in cash.