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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 $150,000 cash along with
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March.
March 1 | Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock. |
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March 2 | The company prepaid $6,000 cash for six months rent for an office. Hint: Debit Prepaid Rent for $6,000. |
March 3 | The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days. |
March 6 | The company completed services for a client and immediately received $4,000 cash. |
March 9 | The company completed a $7,500 project on credit for a client, who must pay within 30 days. |
March 12 | The company paid $4,200 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 $3,500 cash as partial payment for the work completed on March 9. |
March 25 | The company completed work for another client for $3,820 on credit. |
March 29 | The company paid a $5,100 cash dividend. |
March 30 | The company purchased $600 of additional office supplies on credit. |
March 31 | The company paid $500 cash for this months utility bill. |
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