2024 – At the beginning of April Bernadette Grechus launched a custom computer solutions company called Softworks The company had the following

  

At the beginning of April, Bernadette Grechus launched a custom computer solutions company called Softworks. The company had the following transactions during April.

1. Bernadette Grechus      invested $65,000 cash, office equipment with a value of $5,750, and      $30,000 of computer equipment in the company in exchange for common stock.

1. The company purchased      land worth $22,000 for an office by paying $5,000 cash and signing a      long-term note payable for $17,000.

1. The company purchased a      portable building with $34,500 cash and moved it onto the land acquired inb.

1. The company paid $5,000      cash for the premium on a two-year insurance policy.

1. The company provided      services to a client and immediately collected $4,600 cash.

1. The company purchased      $4,500 of additional computer equipment by paying $800 cash and signing a      long-term note payable for $3,700.

1. The company completed      $4,250 of services for a client. This amount is to be received within 30      days.

1. The company purchased      $950 of additional office equipment on credit.

1. The company completed      client services for $10,200 on credit.

1. The company received a      bill for rent of a computer testing device that was used on a recently      completed job. The $580 rent cost must be paid within 30 days.

1. The company collected      $5,100 cash in partial payment from the client described in      transaction i.

1. The company paid $1,800      cash for wages to an assistant.

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1. The company paid $950 cash      to settle the payable created in transaction h.

1. The company paid $608      cash for minor maintenance of the company’s computer equipment.

1. The company paid $6,230      cash in dividends.

1. The company paid $1,800      cash for wages to an assistant.

1. The company paid $750      cash for advertisements on the web during April.

Required

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

2. Open the following ledger accounts—their account numbers are in parentheses (use the balance column format): Cash (101); Accounts Receivable (106); Prepaid Insurance (108); Office Equipment (163); Computer Equipment (164); Building (170); Land (172); Accounts Payable (201); Notes Payable (250); Common Stock (307); Dividends (319); Fees Earned (402); Wages Expense (601); Computer Rental Expense (602); Advertising Expense (603); and Repairs Expense (604). Post the journal entries from part 1 to the accounts and enter the balance after each posting.

3. Prepare a trial balance as of the end of April.