Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $160,000 cash along with $23,000 in office equipment in the company in exchange for common stock. March 2 The company prepaid $9,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $9,000. March 3 The company made credit purchases of office equipment for $3,900 and office supplies for $2,100. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $3,000 cash. March 9 The company completed a $7,100 project on credit for a client, who must pay within 30 days. March 12 The company paid $6,000 cash to settle the account payable created on March 3. March 19 The company paid $5,000 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $5,000. March 22 The company received $4,200 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $5,410 on credit. paid a $5,600 cash dividend. March 29 The company March 30 The company purchased $1,600 of additional office supplies on credit. March 31 The company paid $700 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. 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); Common Stock (307);
repare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (105); Office upplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Common Stock (307); ividends (319): Services Revenue (403); and Utilities Expense (690). Journal entry worksheet Brooks invested $160,000 cash along with $23,000 in office equipment in the company in exchange for common stock. Note: Enter debits before credits. Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $160,000 cash along with $23,000 in office equipment in the company in exchange for common stock. March 2 The company prepaid $9,000 cash for $1x nonths' rent for an office. Hint: Debit Prepaid Rent for $9,e0. March 3 The conpany nade credit purchases of office equipment for $3,960 and office supplies for $2,100. Payment is due within 10 days. March 6 The company completed services for a client and inmediately received $3,00 cash. March 9 The company completed o $7,100 project on credit for a client, who must pay within 30 days. March 12 The company paid $6,000 cash to settle the account payable created on March 3. March 19 The company paid \$5,0ee cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for s5, eas. March 22. The company received $4,200 cash as partial paynent for the work completed on March 9. March 25 The company conpleted work for another client for $5,410 on credit. March 29 The company paid a $5,600 cash dividend. March 30 The company purchased $1,600 of additional office supplies on credit. March 31 The company paid $700 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. Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $160,000 cash along with $23,000 in office equipnent in the conpany in exchange for conibon Mtock. March 2 The company prepaid $9, eee cash for $1x nonths' rent for an office. Hint: Debit Prepaid Rent for $9, eee. March 3 The cospany mode credit purchases of office equipent for $3,900 and office supplies for $2,100. Paybent is due within 10 days. Karch 6 The company conpleted services for a client and imediately recelved $3, eea cash. March 9 The conpony completed a $7,100 project on credit for a client, who must pay within 30 days. March 12 The company paid $6, eeQ cash to sett le the account payable created on March 3. March 19 The company paid \$5, eea cash for the preaiun on a 12-eonth insurance policy. Hintz Debit Prepaid Insurance for March 22 The company received $4,200 cash as partial payment for the work completed on March 9. Mark March 25 The conpany completed work for another client for $5,410 on credit. March 29 The coepany pald a $5,600 cash dividend. March 36 The coepany purchased $1,600 of additional office supplies on credit. Harch 31 the company paid $700 cash for this month's utility bill. Required: 1. Prepare general joumal entries to record these transactions using the following titles: Cash (101); Accounts Recelvable (106); Office Supplies (124); Prepaid insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (20); Common Stock (307): Dividends (319); Services Revenue (403); and Utilitios Expense (690). 2. Post the joumal entries from part 1 to the ledger accounts. 3. Prepare a trial balance as of the end of March. Compiete this question by entering your answers in the tabs below. Frepare general journal entries to record these trantactions using the following tities: Cash (101); Accounts Receivable (106): Omce VENTURE CONSULTANTS Trial Balance March 31 Post the journal entries from part 1 to the ledger accounts