Question

Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $170,000 cash along with $22,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $7,000 cash for six months' rent for an office. Mint: Debit Prepaid Rent for $7,000. 3 The company made credit purchases of office equipment for $4,000 and office supplies for $1,100. Payment is due within 10 days. 6 The company completed services for a client and immediately received $4,500 cash. 9 The company completed a $7,500 project for a client, who must pay within 30 days. 12 The company paid $5,100 cash to settle the account payable created on March 3. 19 The company paid $7,100 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $7,100 22 The company received $3,500 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $3,810 on credit. 29 The company paid a $6,900 cash dividend. 30 The company purchased $1,300 of additional office supplies on credit 31 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 the end of March < Prev 3 of 4 !!! Next > o & 7 6 8 9 t Y у u р f g h K к 1

Answer 1

3810 March25 Accounts Recivalile aliou To Service Revenue 3810 6900 March 29. dividend Alcall. To Cash Alo 6900 1300 Ale 1300 Harsta3o Office Supplies Alle To elayalele March 31 Milities Expense Alcals. too To lesh Ale too

Utilities Expense . Date Particulars Aut. Date particulars Aut. Marechal To Cash All 7oo Hauck 31. Balance 700 Too too Cash Alu Date Particulars Aut. Nate Particulars, Aut. Houch Tocommon stack Incoo ul. By prepasdheut toor Marichi 6. noseewiceResesire 4500 Maxi2 by Awunid.layable March 22. To Accounts 3500 Marcheln ble lesepaid Receivable Lusurance 6900 Hoxch 29. By dividend Maut.3By Wildy Expense 700 March31 Balance 151200 5100 Hoo IM 18000 178000

3 Denzel Becooks Trial Balance 20XX Accounts MarchL, Name ne g Credit Aut. Debit Ant 151200 26000 harh 192000 Food 2you D Office Equiposasut Common Stock leeepaid Rent Office Supplies Accounts Service Revenue . Account Revioalele Pufaid Insurance Dividend 1300 15810 78 00 700 6900 Too Mbilities Expense 209110 209110 TOTAL