Analyzing Transactrions; Posting to T-Accounts; Preparing Trial Balance. Preparing Finacnial Statements Denzel Brooks opened a web consulting business called Venture Consultants and completed the following transactions in March. Mare Brooks invested $150,000 cash along with S22,000 in office equipment in h 1 the company in exchange for common stock The company prepaid $6,000 cash for six months' rent for an office. 2 (Hint: Debit Prepaid Rent for $6,000.) The company made credit purchases of office equipment for $3,000 and 3 office supplies for S1,200. Payment is due within 10 days. The company completed services for a client and immediately received 6 $4,000 cash The company completed a $7,500 project for a client, who must pay within 930 days The company paid $4,200 cash to settle the account payable created on 12 March 3. The company paid $5,000 cash for the premium on a 12-month insurance 19 policy. (Hint: Debit Prepaid Insurance for 55,000.) The company received $3,500 cash as partial payment for the work 22 completed on March 9. Page 88 25 The company completed work for another client for $3,820 on credit 29 The company paid $5,100 cash in dividends. 30 The company purchased 5600 of additional office supplies on credit. 31 The company paid $500 cash for this month's utility bill. Required 1. Analyze each transaction and record the transaction in T-Accounts (use the account titles listed in part 2). 2. Open the following Ts, you can omit their account numbers are in parentheses 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).. Check (2) Ending balances: Cash, $136,700; Accounts Receivable, $7,820; Accounts Payable, $600 3. Prepare a trial balance as of the end of March. (3) Total debits, $187,920 4. Prepare the Income Statement. Statement of Retained Earnings and Balance Sheet as of March 31, 2020