Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March.
March 1 Brooks invested $150,000 cash along with $22,000 of office equipment in the business.
2 Prepaid $6,000 cash for six months’ rent for an office. (Hint: Debit Prepaid Rent (an asset)
for $6,000.)
3 Made credit purchases of office equipment for $3,000 and office supplies for $1,200.
6 Completed services for a client and immediately received $4,000 cash.
9 Completed a $7,500 project for a client, who must pay within 30 days.
12 Paid $4,200 cash to settle the account payable created on March 3.
19 Paid $5,000 cash for the premium on a 12-month insurance policy.
22 Received $3,500 cash as partial payment for the work completed on March 9.
25 Completed work for another client for $3,820 on credit.
29 Brooks withdrew $5,100 cash for personal use.
30 Purchased $600 of additional office supplies on credit.
31 Paid $500 cash for this month’s utility bill.
Required
1. Open the following T-accounts—Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Prepaid Rent; Office Equipment; Accounts Payable; D. Brooks, Capital; D. Brooks, Withdrawals; Services Revenue; and Utilities Expense. Post the transactions in the T-accounts.
2. Prepare a trial balance as of the end of March.
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