- 3 Denzel Brooks Opened A Web Consulting Business Called Venture Consultants And Completed The Following Transactions In 1 (35.82 KiB) Viewed 15 times
- 3 Denzel Brooks Opened A Web Consulting Business Called Venture Consultants And Completed The Following Transactions In 2 (64.15 KiB) Viewed 15 times
- 3 Denzel Brooks Opened A Web Consulting Business Called Venture Consultants And Completed The Following Transactions In 3 (51.56 KiB) Viewed 15 times
- 3 Denzel Brooks Opened A Web Consulting Business Called Venture Consultants And Completed The Following Transactions In 4 (46.71 KiB) Viewed 15 times
- 3 Denzel Brooks Opened A Web Consulting Business Called Venture Consultants And Completed The Following Transactions In 5 (48.19 KiB) Viewed 15 times
- 3 Denzel Brooks Opened A Web Consulting Business Called Venture Consultants And Completed The Following Transactions In 6 (50.64 KiB) Viewed 15 times
3 Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock. March 2 March 3 The company prepaid $6,000 cash for six months rent for an office. Bint: Debit Prepaid Rent for $6,000. The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $4,000 cash. March 9 The company completed a $7,500 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 $5,000 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $5,000. March 22 The company received $3,500 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $3,820 on credit. March 29 The company paid a $5,100 cash dividend. March 30 The company purchased $600 of additional office supplies on credit. March 31 The company paid $500 cash for this month's utility bill. Required: 1. Prepare general journal entries 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 Return to question
Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (10 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). No 1 2 3 4 5 6 7 Date Mar 01 Mar 02 Mar 03 Mar 06 Mar 09 Mar 12 Mar 19 Office equipment Cash Common stock Prepaid rent Cash Office equipment Office supplies Accounts payable Cash Services revenue Accounts receivable Accounts payable Cash Prepaid insurance Cash General Journal < Prev 3 of 5 3 www Debit 22,000 150,000 6,000 3,000 1,200 4,000✔ 7,500 4,200 5,000 Next > AUTENT Credit 172,000 6,000 4,200 4,000 4,200 5,000
4 5 6 7 8 9 10 11 12 Mar 06 Mar 09 Mar 12 Mar 19 Mar 22 Mar 25 Mar 29 Mar 30 Mar 31 Cash Services revenue Accounts receivable Accounts payable Cash Prepaid insurance Cash Cash Accounts receivable Accounts receivable Dividends Cash Office supplies Accounts payable Utilities expense Cash < Required 1 >> ›› Required 2 > O 4,200✔ 33 3 >> 33 4,000 > 7,500 5,000 3,500 3,820 5,100 600 500 4,000 4,200 5,000 3,500 5,100 600 500
Required 1 Required 2 Required 3 Post the journal entries from part 1 to the ledger accounts. 101: Cash Date March 1 March 2 March 6 March 12 March 19 March 22 March 29 March 31 Date March 3 March 30 Date March 2 00000000 ›› 3 Debit 150,000 4,000 3,500 1,200 600 Credit Debit 6,000 124: Office Supplies Debit Credit 6,000 4,200 5,000 5,100 500 131: Prepaid Rent Credit Balance 150,000 144,000 148,000 143,800 138,800 142,300 137,200 136,700 Balance 1,200 1,800 Balance 6,000 Date March 9 March 22 March 25 Date March 19 Date March 11 March 3 300 Ⓒ ✔ 106: Accounts Receivable. Debit Credit 7,500 3,820 128: Prepaid Insurance Debit Credit 5,000 3,500 163: Office Equipment Debit Credit 22,000 3,000 Balance 7,500 4,000 7,820 Balance 5,000 Balance 22,000 25,000
Date March 2 Date March 3 March 30 March 12 Date March 29 Date March 31 300 • 131: Prepaid Rent Debit 6,000 201: Accounts Payable Debit Credit 4,200 319: Dividends Debit Credit 5,100✔ 500 4,200 600 Credit 690: Utilities Expense Debit Credit Balance 6,000 Balance 4,200 4,800 600 Balance 5,100 Balance 500 2 Date March 1 March 3 Date. March 1 Date Reguleed 4 March 6 ›› 163: Office Equipment Debit Credit 22,000 3,000 307: Common Stock Debit Credit 172,000 403: Services Revenue Debit Credit Penulend 2 4,000 Balance 22,000 25,000 Balance 172,000 Balance 4,000
Required 1 Required 2 Required 3 Prepare a trial balance as of the end of March. VENTURE CONSULTANTS Trial Balance March 31 Cash Accounts receivable Office supplies Prepaid insurance Prepaid rent Office equipment Accounts payable Common stock Dividends Services revenue Utilities expense Totals $ Debit 136,700 7,820 1,800 5,000 6,000 25,000 5,100 500 $ 187,920 $ Credit 600 172,000 4,000 X $ 176,600 < Required 2 Required 3 >