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 (210.22 KiB) Viewed 72 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 $24,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $9,500 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $9,500. 3 The company made credit purchases of office equipment for $2,600 and office supplies for $2,000. Payment is due within 10 days. 6 The company completed services for a client and immediately received $4,000 cash. 9 The company completed a $7,300 project for a client, who must pay within 30 days. 12 The company paid $4,600 cash to settle the account payable created on March 3. 19 The company paid $8,100 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $8,100. 22 The company received $4,000 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,600 on credit. 29 The company paid a $7,200 cash dividend. 30 The company purchased $1,100 of additional office supplies on credit. 31 The company paid $500 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 the end of March.
Journal entry worksheet < 1 2 3 4 5 6 7 8 12 Brooks invested $175,000 cash along with $24,000 in office equipment in the company in exchange for common stock. Note: Enter debits before credits. Date General Journal Debit Credit Mar 01
Journal entry worksheet < 2 3 4 5 6 7 8 The company prepaid $9,500 cash for six months' rent for an office. Note: Enter debits before credits. Date General Journal Debit Mar 02 12 Credit
Journal entry worksheet 1 2 3 4 5 6 7 8 12 I The company made credit purchases of office equipment for $2,600 and office supplies for $2,000. Payment is due within 10 days. Note: Enter debits before credits. Date General Journal Debit Credit Mar 03 >
Journal entry worksheet < 1 2 3 4 5 6 7 8 12 The company completed services for a client and immediately received $4,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Mar 06
Journal entry worksheet 1 2 3 4 5 6 7 8 12 I The company completed a $7,300 project for a client, who must pay within 30 days. Note: Enter debits before credits. Date General Journal Debit Credit Mar 09
Journal entry worksheet < 1 2 3 4 5 6 7 8 12 I The company paid $4,600 cash to settle the account payable created on March 3. Note: Enter debits before credits. Date General Journal Debit Credit Mar 12
Journal entry worksheet < 1 2 3 4 5 6 8 12 The company paid $8,100 cash for the premium on a 12-month insurance policy. Note: Enter debits before credits. Date General Journal Debit Credit Mar 19
Journal entry worksheet < 1 2 3 4 5 6 7 8 12 The company received $4,000 cash as partial payment for the work completed on March 9. Note: Enter debits before credits. Date General Journal Debit Credit Mar 22
Journal entry worksheet < 1 4 5 6 7 8 9 12 .... The company completed work for another client for $4,600 on credit. Note: Enter debits before credits. Date General Journal Debit Mar 25 Credit >
Journal entry worksheet < 1 The company paid a $7,200 cash dividend. Note: Enter debits before credits. Date General Journal Mar 29 5 6 7 8 9 10 II. Debit 12 Credit
Journal entry worksheet < 1 5 6 7 8 9 10 11 12 The company purchased $1,100 of additional office supplies on credit. Note: Enter debits before credits. Date General Journal Debit Mar 30 Credit
Journal entry worksheet < 1 The company paid $500 cash for this month's utility bill. Note: Enter debits before credits. Date General Journal Mar 31 5 6 7 8 9 10 11 Debit 12 Credit
Post the journal entries from part 1 to the ledger accounts. 101: Cash Date Debit Credit Balance 124: Office Supplies Debit Credit Balance Date Date Date 106: Accounts Receivable Debit Credit 128: Prepaid Insurance Debit Credit Balance Balance
Date Date 131: Prepaid Rent Debit Credit 201: Accounts Payable Debit Credit Balance Balance Date Date 163: Office Equipment Debit Credit 307: Common Stock Debit Credit Balance Balance
Date Date 319: Dividends Debit Credit 690: Utilities Expense Debit Credit Balance Balance Date 403: Services Revenue Debit Credit Balance
Required 1 Required 2 Required 3 Prepare a trial balance as of the end of March. VENTURE CONSULTANTS Trial Balance March 31 Debit Totals Credit