Venture Consultants | ||||
General,Journal | Debit | Credit | ||
01-Mar | Cash | $ 1,50,000.00 | ||
Office Equipment | $ 22,000.00 | |||
To Common Stock | $ 1,72,000.00 | |||
(Being amount of Brooks invested $150000 cash and $22000 of office Equipment in exchange for common stock) | ||||
02-Mar | Prepaid Rent | $ 6,000.00 | ||
To Cash | $ 6,000.00 | |||
Being amount of Prepaid Rent ) | ||||
03-Mar | Office Equipment | $ 3,000.00 | ||
Office Supplies | $ 1,200.00 | |||
To Accounts Payable | $ 4,200.00 | |||
(Being amount of Office Equipment and Office Supplies purchased on credit) | ||||
06-Mar | Cash | $ 4,000.00 | ||
To Service Revenue | $ 4,000.00 | |||
(Being amount of Service Revenue) | ||||
09-Mar | Accounts Receivable | $ 7,500.00 | ||
To Service Revenue | $ 7,500.00 | |||
(Being amount of Service provided on credit) | ||||
12-Mar | Accounts Payable | $ 4,200.00 | ||
To Cash | $ 4,200.00 | |||
(Being amount of Accounts Payable paid) | ||||
19-Mar | Prepaid Insurance | $ 5,000.00 | ||
To Cash | $ 5,000.00 | |||
(Being amount of Prepaid Insurance) | ||||
22-Mar | Cash | $ 3,500.00 | ||
To Account Receivable | $ 3,500.00 | |||
(Being amount of cash received from customer) | ||||
25-Mar | Accounts Receivable | $ 3,820.00 | ||
To Service Revenue | $ 3,820.00 | |||
(Being amount of Service provided on credit) | ||||
29-Mar | Dividend | $ 5,100.00 | ||
To Cash | $ 5,100.00 | |||
(Being amount of Dividend Paid) | ||||
30-Mar | Office Supplies | $ 600.00 | ||
To Accounts Payable | $ 600.00 | |||
(Being amount of Additional Office Supplies Purchased on credit) | ||||
31-Mar | Utility Expense | $ 500.00 | ||
To Cash | $ 500.00 | |||
(Being amount of Utiltiy Expense) | ||||
2) | Cash 101 | |||
Particular | Debit | Particular | Credit | |
To Common Stock | $ 1,50,000.00 | By Prepaid rent | $ 6,000.00 | |
To Service Revenue | $ 4,000.00 | By Accounts Payable | $ 4,200.00 | |
To Accounts Receivable | $ 3,500.00 | By Prepaid Insurance | $ 5,000.00 | |
By Dividend | $ 5,100.00 | |||
By Utility Expense | $ 500.00 | |||
By Balance C/d | $ 1,36,700.00 | |||
Total | $ 1,57,500.00 | Total | $ 1,57,500.00 | |
Accounts Receivable | ||||
Particular | Debit | Particular | Credit | |
To Service Revenue | $ 7,500.00 | By Cash | $ 3,500.00 | |
To Service Revenue | $ 3,820.00 | By Balance c/d | $ 7,820.00 | |
Total | $ 11,320.00 | Total | $ 11,320.00 | |
Accounts Payable | ||||
Particular | Debit | Particular | Credit | |
To Cash | $ 4,200.00 | By Office Equipment | $ 3,000.00 | |
To Balance C/d | $ 600.00 | By Office Supplies | $ 1,200.00 | |
By Office Supplies | $ 600.00 | |||
Total | $ 4,800.00 | Total | $ 4,800.00 | |
Service Revenue | ||||
Particular | Debit | Particular | Credit | |
To Balance C/d | $ 15,320.00 | By Accounts Receivable | $ 4,000.00 | |
By Account Receivable | $ 7,500.00 | |||
By Accounts Receivable | $ 3,820.00 | |||
Total | $ 15,320.00 | Total | $ 15,320.00 | |
Prepaid Rent | ||||
Particular | Debit | Particular | Credit | |
To Cash | $ 6,000.00 | By Balance C/d | $ 6,000.00 | |
Total | $ 6,000.00 | Total | $ 6,000.00 | |
Prepaid Insurance | ||||
Particular | Debit | Particular | Credit | |
To Cash | $ 5,000.00 | By Balalnce c/d | $ 5,000.00 | |
Total | $ 5,000.00 | Total | $ 5,000.00 | |
Dividend | ||||
Particular | Debit | Particular | Credit | |
To Cash | $ 5,100.00 | By Balance C/d | $ 5,100.00 | |
$ 5,100.00 | Total | $ 5,100.00 | ||
Utilities Expense | ||||
Particular | Debit | Particular | Credit | |
To Cash | $ 500.00 | By Balance C/d | $ 500.00 | |
$ 500.00 | Total | $ 500.00 | ||
Office Equipment | ||||
Particular | Debit | Particular | Credit | |
To Common Stock | $ 22,000.00 | By Balance C/d | $ 25,000.00 | |
To Accounts Payable | $ 3,000.00 | |||
$ 25,000.00 | Total | $ 25,000.00 | ||
Office Supplies | ||||
Particular | Debit | Particular | Credit | |
To Accounts Payable | $ 1,200.00 | By Balance b/d | $ 1,800.00 | |
To Accounts Payable | $ 600.00 | |||
$ 1,800.00 | Total | $ 1,800.00 | ||
Common Stock | ||||
Particular | Debit | Particular | Credit | |
To Balance C/d | $ 1,72,000.00 | By Cash | $ 1,50,000.00 | |
By Office Equipment | $ 22,000.00 | |||
$ 1,72,000.00 | Total | $ 1,72,000.00 | ||
Venture Consultants | ||||
Unadjusting Trial Balance | ||||
Account Title & Explanation | Debit | Credit | ||
Cash | $ 1,36,700.00 | |||
Accounts Receivable | $ 7,820.00 | |||
Office Supplies | $ 1,800.00 | |||
Prepaid Rent | $ 6,000.00 | |||
Prepaid Insurance | $ 5,000.00 | |||
Office Equipment | $ 25,000.00 | |||
Accounts Payable | $ 600.00 | |||
Common Stock | $ 1,72,000.00 | |||
Service Revenue | $ 15,320.00 | |||
Dividend | $ 5,100.00 | |||
Utilities Expense | $ 500.00 | |||
Total | $ 1,87,920.00 | $ 1,87,920.00 |
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in...
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 $27,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $6,500 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $6,500. 3 The company made credit purchases of office equipment for $4,600 and office supplies for $1,300. Payment is due within 10 days. 6 The...
Help Denzel Brooks opened a Web consulting business called Venture Consultants and completes the following transactions in March. March 1 Brooks invested $175,000 cash along with $28,000 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. (Hint: Debit Prepaid Rent for $7,000.) 3 The company made credit purchases of office equipment for $3,400 and office supplies for $2,400. Payment is due within 10 days. 6...
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 $25,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $7,500 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $7,500. 3 The company made credit purchases of office equipment for $4,300 and office supplies for $2,400. Payment is due within 10 days. 6 The...
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $165,000 cash along with $28,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $9,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $9,000. 3 The company made credit purchases of office equipment for $4,500 and office supplies for $1,100. Payment is due within 10 days. 6 The...
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March March 1 Brooks invested $190,000 cash along with $30,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $6,500 cash for six months' rent for an office. Mint: Debit Prepaid Rent for $6,500. 3 The company made credit purchases of office equipment for $4,000 and office supplies for $2,400. Payment is due within 10 days. 6 The...
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...
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March March 1 Brooks invested $155,000 cash along with $26,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $9,800 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $9,800. 3 The company made credit purchases of office equipment for $4,700 and office supplies for $2,200. Payment is due within 10 days. 6 The...
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $165,000 cash along with $30,000 in office equipment in the company. 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 $5,100 and office supplies for $2,400. Payment is due within 10 days. 6 The company completed services for a...
xM Dsa Student ewconnect Help Save Denzel Brooks opened a Web consulting business called Venture Consultants and completes the following transactions in March. $185,000 cash along with $23,000 n office equipment in the company in exchange for cosmon March 1 Brooks inveated 2 The company prepaid $9,500 cash for six sontha rent for an office. (lints Debit Prepaid Rent for $9, s00.) 3 The company made credit purchases of office equipment for $3, 60o and office supplies for $1,200. Payment...
Karla Tanner opened a Web consulting business called Linkworks and completed the following transactions in its first month of operations April 1 Tanner invested $110,000 cash along with office equipment valued at $26, 480 in the company in exchange for common stock. 2 The company prepaid $7,200 cash for 12 months' rent for office space. Mint: Debit Prepaid Rent for $7,200. 3 The company made credit purchases for $13,209 in office equipment and $2,640 in office supplies. Payment is due...