Question
Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March. March 1 Brooks invested $185,000 cash along with
Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March. March 1 Brooks invested $185,000 cash along with $27,000 in office equipment in exchange for common stock. 2 The company prepaid $9,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $9,000.) 3 The company made credit purchases of office equipment for $3,300 and office supplies for $1,900. Payment is due within 10 days. 6 The company completed services for a client and immediately received $3,000 cash. 9 The company completed a $9,200 project for a client, who must pay within 30 days. 12 The company paid $5,200 cash to settle the account payable created on March 3. 19 The company paid $8,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $8,000.) 22 The company received $5,000 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,240 on credit. 29 The company paid $5,700 cash in dividends. 30 The company purchased $1,000 of additional office supplies on credit. 31 The company paid $1,000 cash for this month's utility bill. 1. Prepare general journal entries to record these transactions. 2. Post the journal entries from part 1 to the ledger accounts. 3. 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