Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $165,088 cash along with $29,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $6,500 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $6,500. 3 The company made credit purchases of office equipment for $5,20e and office supplies for $1,480. Payment is due within 18 days. 6 The company completed services for a client and immediately received $3,500 cash. 9 The company completed a $11,9ee project for a client, who must pay within 30 days. 12 The company paid $6,600 cash to settle the account payable created on March 3. 19 The company paid $8,300 cash for the premiun on a 12-month insurance policy. Hint: Debit Prepaid Insurance for 58,300. 22 The company received $3,700 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,880 on credit. 29 The company paid a $7,100 cash dividend. 30 The company purchased $5ee 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). 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 as of the end of March Required 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); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690). View transaction list Journal entry worksheet Brooks invested $165,000 cash along with $29,000 in office equipment in the company in exchange for common stock, NoteEnter debit before credits General Journal Debit Credit Date Mar 01 Record entry Clear entry View general journal Required 1 Required 2 Required 3 Post the journal entries from part 1 to the ledger accounts. 101: Cash Debit Credit Date Balance 106: Accounts Receivable Debit Credit Dato Balance 124: Office Supplies Debit Credit Date 128: Prepaid Insurance Debit Credit Balance Date Balance 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date Balance Date Balance 201: Accounts Payable Debit Credit 307: Common Stock Debit Credit Date Balance Date Balance 319: Dividends Dobit Credit 103 Services Revenue Debit Credit Date Balance Date Balance 690: Utilities Expense Debit Credit Dato Balance Required 1 Required 2 Required 3 Prepare a trial balance as of the end of March. VENTURE CONSULTANTS Trial Balance March 31 Debit Credit Totals
