Question

Cher 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 $22,88e in office equipment in the company. 2 The company prepaid $6,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $6,000. 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. 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 $7,500 project for a client, who must pay within 30 days. 12 The company paid $4, 2ee cash to settle the account payable created on March 3. 19 The company paid $5,eee cash for the premiun on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $5,000. 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 $3,820 on credit. 29 Brooks withdrew $5,100 cash from the company for personal use. 30 The company purchased $600 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); 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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). View transaction list < Prev 6 of 6 !!! Next

fill out the journal entry/ledger/trial balance witht eh information above

Answer 1

Date Marol Credit General Jovenal Cash office equipment Common stock to record common stock) sebit 1$ 150,000 1$ 22,000 $ 172,000 Mar 02 Prepaid Rent Cash to record prepaid Rent) $6,000 Mar. 03 office equipment office supplies Accounts Payable to record purchases $3,000 $ 1,200 $4,200 Mar.ob $ 4000 Cash Services Revenue Ho record cash received) $4,000 $7,500 Mari og Accounts Receivable Services Revenue ( (Yo record service revenue) $7,500 $ 4,200 Mar 12 Accounts Payable Cash (to reward cash paid) $4,200

Mar 19 Prepaid Prepaid Insurance Cash $5,000 9,000 Ho second cash paid for inaurances Mar 22 Cath $3,500 Accounts Recewable Yo reund cash received) $3,500 Mar. 25 Accounts Receivable Services Revenue ( (o record service revenues $3,820 $3,820 $5,100 Mar 29 Dividends Cash (to record dividend paid) $5,loo $600 $ 600 Mar. 30 office supplies Accounts payable ( (10 second office supplies purchased) Mar 31 utilities expense $ 500 cash 1$ 500 to record cash paid for utility)!

Date 101 : Cash Debit $ 150,000 Mar 2 Mar 6 , Mar 12 Mar 19 $ 4,000 Credit Balance $ 150,000 $ 6,000 $144,000 $ 148,000 $4,200 $ 143,800 $5,000 $ 138,000 1$ 142,300 $5,000 $ 137,200 1 $500 $ 136,700 Mar 22 $ 3,500 Mar 29 Mar 31 124: office supplies Date Debit Credit Mar 3 $ 1,200 Mar: 30 $ 600 Balance $ 1200 $1,200 131 Prepaid Rent Date Debit Credit Balance Mar. 2 $ 6,000 $6,000 201: Accounts Payable Date Debit credit Balance Mar. 3 $ 4,200 $ 4,200 Mar, 12$ 4,200 Mar. 30 $ 600 14 600

319: Dividends Date Debit Credit Mari 29 $5,100 Belance $ 5,100 690: Utilities Expense Date Debit Credit Balance Mar 31 $500 $500 Date Mari 9 Mar. 22 106 : Accounts Receivable Debit credit Balance $7,500 & 7,500 $3,500 $4,000 $3,820 $7,820 Mar 25 128: Prepaid Insurance Debit Credit Balance Date Mar. 19 $5,000 $5,000 163: office Equipment Debit credit $ 22,000 | $3,000 Mar I Balance $ 22,000 $25,000 Mar. 3

Date Maril 307: Common stock Debit Credit Balance $ 172,000 $172,000 Date Mar 6 Mar. 9 403 Services Revenue Debit Credit Balance $4,000 $ 4,000 $7,500 $ 11,500 $ 3,820 $ 15,320 Mar. 25 $ 1,800 VENTURE CONSULTANTS Trial Balance March 31 Debit Credit Cash $136,700 Accounts Receivable $7,820 office Supplies Prepaid Insurance $ 5,000 Prepaid Rent $ 6,000 office Equipment $ 25,000 Accounts Payable common stock $ 172,000 Dividends $5,100 Services Revenue Utilities Expense $ 500 Totals $ 600 $ 15,320 $ 187,920 18 187,920