Question
Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March. March 1 Brooks invested $155,000 cash along with
Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March. |
March 1 | Brooks invested $155,000 cash along with $30,000 in office equipment in the company. |
2 | The company prepaid $6,500 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $6,500.) |
3 | The company made credit purchases of office equipment for $4,600 and office supplies for $1,100. Payment is due within 10 days. |
6 | The company completed services for a client and immediately received $4,500 cash. |
9 | The company completed a $10,000 project for a client, who must pay within 30 days. |
12 | The company paid $5,700 cash to settle the account payable created on March 3. |
19 | The company paid $6,500 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $6,500.) |
22 | The company received $3,800 cash as partial payment for the work completed on March 9. |
25 | The company completed work for another client for $4,480 on credit. |
29 | Brooks withdrew $4,900 cash from the company for personal use. |
30 | The company purchased $1,700 of additional office supplies on credit. |
31 | The company paid $1,400 cash for this month's utility bill. |
Required: | |
1. | Prepare general journal entries to record these transactions using the following titles: |
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