Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $175,000 cash along with $26,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $7,500 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $7,500. 3 The company made credit purchases of office equipment for $2,700 and office supplies for $1,600. Payment is due within 10 days. 6 The company completed services for a client and immediately received $4,000 cash. 9 The company completed a $11,200 project for a client, who must pay within 30 days. 12 The company paid $4,300 cash to settle the account payable created on March 3. 19 The company paid $5,000 cash for the premium on a 12-month insurance policy. HintDebit Prepaid Insurance for $5,000. 22 The company received $3,200 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,450 on credit. 29 The company paid a $5,000 cash dividend. 30 The company purchased $2,000 of additional office supplies on credit. 31 The company paid $500 cash for this month's utility bili. 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) Dividends (319); Services Revenue (403); and Utilities Expense (690). View transaction list Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepald Insurance (128); Prepald Rent (131); Office Equipment (163); Accounts Payable (201); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690). View transaction list Journal entry worksheet The company prepaid $7,500 cash for six months' rent for an office. Note: Enter debits before credits. Date General Journal Debit Credit Mar 02 Record entry Clear entry View general Journal Journal entry worksheet .... The company completed services for a client and immediately received $4,000 cash. Note: Enter debits before credits. Date General Journal Debit Credit Mar 06 Record entry Clear entry View general journal Journal entry worksheet The company completed a $11,200 project for a client, who must pay within 30 days. Note: Enter debits before credits. Dato General Journal Debit Credit Mar 09 Record entry Clear entry View general journal Journal entry worksheet The company paid $5,000 cash for the premium on a 12-month Insurance policy. Note: Enter debits before credits. Date General Journal Debit Credit Mar 19 Record entry Clear entry View general journal Journal entry worksheet 1 2 3 4 4 5 LO 6 6 7 8 12 > The company received $3,200 cash as partial payment for the work completed on March 9. Note: Enter debits before credits. Date General Journal Debit Credit Mar 22 Record entry Clear entry View general journal Journal entry worksheet . The company paid a $5,000 cash dividend. Note: Enter debits before credits. Date General Journal Debit Credit Mar 29 Record entry Clear entry View general Journal Journal entry worksheet
