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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 $190,000 cash along
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $190,000 cash along with $25,000 in office equipment in the company. 2 The company prepaid $6,800 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 $3,800 and office supplies for $1,300. Payment is due within 10 days. 6. The company completed services for a client and immediately received $4,500 cash. 9 The company completed a $10,700 project for a client, who must pay within 30 days. 12 The company paid $5,100 cash to settle the account payable created on March 3. 19 The company paid $4,100 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $4,100. 22 The company received $3,100 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,700 on credit. 29 Brooks withdrew $5,900 cash from the company for personal use. 30 The company purchased $900 of additional office supplies on credit. 31 The company paid $800 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 Post the journal entries from part 1 to the ledger accounts. 101: Cash 106: Accounts Receivable Date Debit Credit Balance Date: Debit Credit Balance
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