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Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. Harch 1 Erooks invested $150,609 cash along with
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. Harch 1 Erooks invested $150,609 cash along with $22,969 in office equipeent in the compary. March 7 the conpany prepaid $6,000 cash for six nonths" rent for an office. Hint Debit Prepaid Rent for $6, eog. March 3 The coopany nade credit purchases of afflce equipaent for $3, eoe and office supplies for $1,200. Paymat 1 s due within 10 days: March 6 The conpany conpleted services for a client and inmediately received $4, eog cash. March 9 the cospany conpleted a 57,500 project on credit for a client, who mast pay within ja days. March 12 The company paid $4,209 cash to settle the account payable created on March 3. March 19 The company paid $5,000 cash for the prewiun on a 12-month insurance policy. Hint; Debit Prepaid Insurafich for $5,000. March 22 The ccopany received 53,500 cash as partial payment for the work conpleted on March 9. March 25 the company conpleted work for another client for $3,820 on credit. March 29 Urooks withdrew $5,100 cash from the conpory for personal use: March 30 The conpany purchased 5600 of additional office supplies on credit. Harch 31 . The cospany paid 5500 eash for this eonth'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 Poyable (201); D. Brooks. Capital (301); D. Brooks. Withdrawals (302); Services Revenue (403); and Utalites Expense (690). 2. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a triat balance as of the end of March. Prepare a trial balance as of the end of March
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