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1. Prepare general journal entries to record these transactions. (2pts each)

2. Post the journal entries from to the ledger accounts (2pts ea)

3. Prepare a trial balance (5pts)

4. Prepare the 3 financial statements (15pts).

Chapter 2: Practice Exercise #3: At the beginning of April, Vanessa Williams launched a custom computer solutions company called Softworks. The company had the following transactions during April. a) Vanessa Williams invested $155,000 cash, office equipment with a value of $5,100, and $78,000 of computer equipment in the company in exchange for its common stock. b) The company purchased land worth $55,000 for an office by paying $8,700 cash and signing a long-term note payable for $46,300. c) The company purchased a portable building with $59,000 cash and moved it onto the land acquired in b. d) The company paid $3,500 cash for the premium on a two-year insurance policy. e) The company provided services to a client and immediately collected $7,000 cash. f) The company purchased $26,000 of additional computer equipment by paying $11,800 cash and signing a long-term note payable for $14,200. g) The company completed $16,500 of services for a client. This amount is to be received within 30 days. h) The company purchased $1,800 of additional office equipment on credit. i) The company completed client services for $28,000 on credit. j) The company received a bill for rent of a computer testing device that was used on a recently completed job. The $1,685 rent cost must be paid within 30 days. k) The company collected $10,000 cash in partial payment from the client described in transaction i. 1) The company paid $1,300 cash for wages to an assistant. m) The company paid $1,800 cash to settle the payable created in transaction h. n) The company paid $985 cash for minor maintenance of the company's computer equipment 0) The company paid $10,230 cash for dividends. p) The company paid $1,300 cash for wages to an assistant 4) The company paid $4,300 cash for advertisements in the local newspaper during April. Required 1. Journalize the above transactions 2. Post to the Ledger (open more T-accounts if needed) 3. Prepare a trial balance (IN ORDER) 4. Prepare the 3 Financial Statements 5. Prepare the closing entries

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