Spalding Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Spalding expects sales in January year 1 to total $120,000 and to increase 5 percent per month in February and March. All sales are on account. Spalding expects to collect 70 percent of accounts receivable in the month of sale, 20 percent in the month following the sale, and 10 percent in the second month following the sale. Required Prepare a sales budget for the first quarter of year 1. Determine the amount of sales revenue Spalding will report on the year 1 first quarterly pro forma income statement. Prepare a cash receipts schedule for the first quarter of year 1. Determine the amount of accounts receivable as of March 31, year 1.

Karla tanner opens a web consulting business called linkworks and completes the following transactions in its first month of operations. april 1 tanner invested $105,000 cash along with office equipment valued at $25,200 in the company in exchange for common stock. 2 the company prepaid $7,200 cash for 12 months’ rent for office space. (hint: debit prepaid rent for $7,200.) 3 the company made credit purchases for $12,600 in office equipment and $2,520 in office supplies. payment is due within 10 days. 6 the company completed services for a client and immediately received $2,000 cash. 9 the company completed a $8,400 project for a client, who must pay within 30 days. 13 the company paid $15,120 cash to settle the account payable created on april 3. 19 the company paid $6,000 cash for the premium on a 12-month insurance policy. (hint: debit prepaid insurance for $6,000.) 22 the company received $6,720 cash as partial payment for the work completed on april 9. 25 the company completed work for another client for $2,640 on credit. 28 the company paid $6,200 cash in dividends. 29 the company purchased $840 of additional office supplies on credit. 30 the company paid $700 cash for this month’s utility bill. required: 1.prepare general journal entries to record these transactions using the following titles: 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). 2. post the journal entries from part 1 to the ledger accounts. 3. prepare a trial balance as of april 30. need a jounalentry worksheet part1 part2 - post the journal entries from part 1 to the ledger accounts part3 - prepare a trial balance as ofaprol30