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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
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 $22,000 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 $4,200 cash to settle the account payable created on March 3. 19 The company paid $5,000 cash for the premium 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 bil1 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
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