Question
Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in March: March 1: Brooks invested $150,000 cash along with
Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in March: March 1: Brooks invested $150,000 cash along with $22,000 of office equipment in the company. March 2: Venture Consultants pre-paid $6,000 cash or six months rent for their office. March 3: Venture Consultants made credit purchases for office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days. March 6: Venture Consultants completed services for a client and immediately received $4,000 cash. March 9: Venture Consultants completed a $7,500 project for a client who must pay within 30 days. March 12: Venture Consultants paid $4,200 cash to settle the account payable created on March 3. March 19: Venture Consultants paid a $5,000 cash premium on a 12-month insurance policy. March 22: Venture Consultants received $3,500 cash as a partial payment for the work completed on March 9. March 25: Venture Consultants completed work for another client for $3,820 on credit. March 29: Brooks withdrew $5,100 cash from the company for personal use. March 30: Venture Consultants purchased $600 of additional office supplies on credit. March 31: Venture Consultants paid $500 cash for this months utility bill. Instructions: Prepare journals for the above economic transactions.
PART 1: | Venture Consultants | The month of March transactions | |||
Date | Account Names | Debit | Credit | ||
1-Mar | |||||
2-Mar | |||||
3-Mar | |||||
6-Mar | |||||
9-Mar | |||||
12-Mar | |||||
19-Mar | |||||
22-Mar | |||||
25-Mar | |||||
29-Mar | |||||
30-Mar | |||||
30-Apr | |||||
$216,420 | $216,420 |
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