Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. Maceh I Drooks Invented $195,000 cash along with

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. Maceh I Drooks Invented $195,000 cash along with $22,000 in oftiee equipnent in the cospany in exchange for connon atock. Mareh 2 the company prepaid 89,000 eanh for six nonths' tent for an office. Hint Debit Prepald neat tor 59 , 000. Mareh 3 The company made eredit purchates of office equipeent for $3,400 and office supglies for 51,200 . Payment is due within 10 doyn. Mareh 6 The conpany conpleted serviceo for a client and inediately recelved $4,500 eanb. Mareh 9 the company cospleted a $7,400 project an eredit for a elient, who mat pay vithin 30 days. March 12 The eoepany paid $4,500 cash to settle the account payable ereated on Mareh 3 . Mareh 19 The cospany paid 57,300 eanh for the prenlua on a 12-month insurance polley. Bint, Deble brepaid Inaurasee for 57,300 . Mareh 22 The company received 54,700 cash as partial paynent for the work conpleted on Mareb 9. Mareh 25 the company completed work for another elient for 53,430 on eredit. Mareh 29 The company paid a 57,400 cash dividend. Mareh 30 the company parehased 3800 of additional oftice nopplies on eredit. Mareh 31 the company paid $1,100 eash tor thin month's wtillty bill. Required: 1. Prepare general joumal entries to record these transactions using the following tities: Cash (101); Accounts Recelvable (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). 2. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a trial balance os of the end of March. Complete this question by entering your answers in the tabs below. 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); Orfice Equipment (163); Accounts Payable (201); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690). Journal entry worksheet 4567812 Brooks invested $195,000 cash along with $22,000 in office equipment in the company in exchange for common stock. Note Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare a trial balance as of the end of March

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Creating Value in a Dynamic Business Environment

Authors: Ronald Hilton, David Platt

10th edition

78025664, 978-0078025662

More Books

Students also viewed these Accounting questions

Question

How do you determine the load-bearing capacity of a soil?

Answered: 1 week ago

Question

what is Edward Lemieux effect / Anomeric effect ?

Answered: 1 week ago

Question

Define Management by exception

Answered: 1 week ago

Question

Explain the importance of staffing in business organisations

Answered: 1 week ago