Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $ 1 8 0
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March.
March Brooks invested $ cash along with $ in office equipment in the company in exchange for common stock.
March The company prepaid $ cash for six months' rent for an office. Hint: Debit Prepaid Rent for $
March The company made credit purchases of office equipment for $ and office supplies for $ Payment is due within days.
March The company completed services for a client and immediately received $ cash.
March The company completed a $ project on credit for a client, who must pay within days.
March The company paid $ cash to settle the account payable created on March
March The company paid $ cash for the premium on a month insurance policy. Hint: Debit Prepaid Insurance for $
March The company received $ cash as partial payment for the work completed on March
March The company completed work for another client for $ on credit.
March The company paid a $ cash dividend.
March The company purchased $ of additional office supplies on credit.
March The company paid $ cash for this month's utility bill.
Required:
ALREADY ANSWERED Prepare general journal entries to record these transactions using the following titles: Cash ; Accounts Receivable ; Office Supplies ; Prepaid Insurance ; Prepaid Rent ; Office Equipment ; Accounts Payable ; Common Stock ; Dividends ; Services Revenue ; and Utilities Expense
Post the journal entries from part to the ledger accounts.
Prepare a trial balance as of the end of March.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started