Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in Ma

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Denzel Brooks Opened A Web Consulting Business Called Venture Consultants And Completed The Following Transactions In Ma 1 (46.73 KiB) Viewed 42 times

Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $175,000 cash along with $21,000 in office equipment in the company. March 2 The company prepaid $8,500 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $8,500. March 3 The company made credit purchases of office equipment for $2,600 and office supplies for $1,600. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $5,000 cash. March 9 The company completed a $7,300 project on credit for a client, who must pay within 30 days. March 12 The company paid $4,200 cash to settle the account payable created on March 3. March 19 The company paid $7,300 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $7,300. March 22 The company received $4,300 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $3,950 on credit. March 29 Brooks withdrew $4,600 cash from the company for personal use. March 30 The company purchased $1,500 of additional office supplies on credit. March 31 The company paid $800 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); D. Brooks, Capital (301); D. Brooks, Withdrawals (302); 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 the end of March.