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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 $160,000 cash along with
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $160,000 cash along with $27,000 in office equipment in the company. March 2 The company prepaid $6,500 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $6,500. days. March 6 The company completed services for a client and immediately received $5,500 cash. March 9 The company completed a $9,100 project on credit for a client, who must pay within 30 days. March 12 The company paid $5,100cash to settle the account payable created on March 3 . March 22 The company received $3,500 cash as partial payment for the work completed on March 9 . March 25 The company completed work for another client for $5,170 on credit. March 29 Brooks withdrew $6,900 cash from the company for personal use. March 30 The company purchased $1,900 of additional office supplies on credit. March 31 The company paid $1,200 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. 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). Journal entry worksheet Brooks invested $160,000 cash along with $27,000 in office equipment in the company. Note: Enter debits before credits
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