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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 $170,000 cash along with
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $170,000 cash along with $25,000 in office equipment in the company. 2 The company prepaid $10,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $10,000. 3 The company made credit purchases of office equipment for $4,700 and office supplies for $1,500. Payment is due within 10 days. 6 The company completed services for a client and immediately received $3,500 cash. 9 The company completed a $9,300 project for a client, who must pay within 30 days. 12 The company paid $6,200 cash to settle the account payable created on March 3. 19 The company paid $7,900 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $7,900. 22 The company received $3,000 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $3,840 on credit. 29 Brooks withdrew $6,900 cash from the company for personal use. 30 The company purchased $1,600 of additional office supplies on credit. 31 The company paid $600 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 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). View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Mar 01 Cash Office equipment D. Brooks, Capital 170,000 25,000 195,000 2 Mar 02 10,000 Prepaid rent Cach 1nnnn VENTURE CONSULTANTS Trial Balance March 31 Debit Credit
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