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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 $195,000 cash along with
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $195,000 cash along with $28,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $9,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $9,000. 3 The company made credit purchases of office equipment for $4,100 and office supplies for $2,300. 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 $6,400 cash to settle the account payable created on March 3. 19 The company paid $6,000 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,000. 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 $4,740 on credit. 29 The company paid a $7,400 cash dividend. 30 The company purchased $600 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
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