Question

AC 121 #4 At the beginning of April, Bernadette Grechus launched a custom computer solutions company called Softworks. Prepare general journal entries to record these transactions & post to ledger accounts Chart of Accounts Cash (101); Accounts Receivable (106); Prepaid Insurance (108); Office Equipment (163): Computer Equipment (164); Building (170): Land (172): Accounts Payable (201): Notes Payable (250): B. Grechus, Capital (301); B. Grechus, Withdrawals (302); Fees Farned (402): Wages Expense (601) Computer Rental Expense (602); Advertising Expense (603); and Repairs Expense (604). a. Bernadette Grechus invested $65.000 cash, office equipment with a value of $5.750, and S30,000 of computer equipment in the company. b. The company purchased land worth $22,000 for an office by paying $5,000 cash and signing a long- term note payable for $12000 c. The company purchased a portable building with $34.500 cash and moved it onto the land acquired in b. d. The company paid $5.000 cash for the premium on a two-year insurance policy. e. The company provided services to a client and immediately collected $4,600 cash. f. The company purchased $4.500 of additional computer equipment by paying $800 cash and signing a long-term note payable for $3.700. 8. The company completed $4,250 of services for a client. This amount is to be received within 30 days h. The company purchased $950 of additional office equipment on credit i. The company completed client services for $10.200 on credit. j. The company received a bill for rent of a computer testing device that was used on a recently completed job. The $8o rent cost must be paid within 30 days. k. The company collected $5 100 cash in partial payment from the client described in transaction 1. The company paid $1,800 cash for wages to an assistant m. The company paid Sogo cash to settle the pavable created in transaction n. The company paid $608 cash for minor maintenance of the company's computer equipment 0. B. Grechus withdrew $6.230 cash from the company for personal use. p. The company paid $1,800 cash for wages to an assistant. 4. The company paid $750 cash for advertisements on the web during April Check Ending balances: Cash $17.262: Accounts Receivable. $9.350: Accounts Payable. $580 Prepare a trial balance as of the end of April Trial balance totals, S141.080

Answer 1

Softworks Trial Balance April 30
Account Titles	Debit	Credit
	$	$
Cash	17,262
Accounts Receivable	9,350
Prepaid Insurance	5,000
Office Equipment	6,700
Computer Equipment	34,500
Building	34,500
Land	22,000
Accounts Payable		580
Notes Payable		20,700
B. Grechus, Capital		100,750
B. Grechus, Withdrawals	6,230
Fees Earned		19,050
Wages Expense	3,600
Computer Rental Expense	580
Advertising Expense	750
Repairs Expense	608
Totals	$ 141,080	$ 141,080