Homework answers / question archive / GLO303 - Extension of Problem 2-1A LO P1, P2, P3, P4, P5, P6 John Fox opened a web consulting business called Take Wings and recorded the following transactions in its first month of operations

GLO303 - Extension of Problem 2-1A LO P1, P2, P3, P4, P5, P6 John Fox opened a web consulting business called Take Wings and recorded the following transactions in its first month of operations

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GLO303 - Extension of Problem 2-1A LO P1, P2, P3, P4, P5, P6 John Fox opened a web consulting business called Take Wings and recorded the following transactions in its first month of operations. Apr. 1 Fox invests $98,000 canh along with office equipnent valued at $34,000 in the company in exchange for common stock. Apr. 2 The company prepaid $9,600 cash for twelve months' rent for office space. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 3 The company made credit purchases for $8,700 in office equipment and $4,000 in office supplies. Payment is due within 10 days. Apr. 6 The company completed services for a client and immediately received $6,400 cash. Apr. 9 The company completed a $14,000 project for a client, who must pay within 30 days. Apr. 13 The company paid $12,700 cash to settle the account payable created on April 3. Apr. 19 The company paid $2,640 cash for the premiun on a 12-month insurance policy. The company's policy is record prepaid expenses in balance sheet accounts. Apr. 22 The company received $3,900 cash as partial payment for the work completed on April 9. Apr. 25 The company completed work for another client for $5,500 on credit. Apr. 28 The company paid $5,500 cash in dividends. Apr. 29 The company purchased $2,200 of additional office supplies on credit. Apr. 30 The company paid $3,500 cash for this month's utility bill. Descriptions of items that require adjusting entries on April 30, follow. a) On April 2, the company prepaid $9,600 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 $1,600. d) Straight-line depreciation of office equipment, based on a 5-year life and a $24,700 salvage value, is $300 per month e) The company has completed work for a client, but has not yet billed the $2,600 fee. ) Wages due to employees, but not yet paid, as of April 30 total $2,600.
View transaction list Journal entry worksheet 1 2 3 4 5 6 > On April 2, the company prepaid $9,600 cash for twelve months' rent for office space. Prepare the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Record entry Clear entry View general Journal
Unadjusted TAKE WINGS Income Statement For Month Ended April 30, 2019 Revenues: $ 0 0 Expenses: 0 0 0 0 0 0 0 Net income 0
Balance Sheet April 30, 2019 ASSETS Current assets: $ $ 0 0 0 0 0 0 $ 0 Plant assets: 0 $ $ 0 LIABILITIES AND EQUITY Liabilities: $ 0 0 0 0 Equity: 0 0 0
Snows Print Unadjusted Account affecting the Adjusting entry related to: Income Statement Impact on net Income Balance Sheet a) Rent b) Insurance c) Office supplies d) Depreciation o) Unbled fees 1) Unpaid wages