GL0206-Based on Problem 2-3A Venture Consulting Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the Mar. 1 Brooks invested $150,000 cash along with $22,000 in office equipnent in the company in exchange for common Mar. 2 The company prepaid $6,000 cash for six months' rent for an office. The company's policy is to record prepaid Mar. 3 The eompany made credit purchases of oftice equipment for 3,000 and office supplies for $1,200. Paynent is due expenses in balance sheet accounts within 10 days Mar. 6 The conpany completed services for a client and immediately received $4,000 cash Mar. 9 The company completed a $7,500 project for a client, who mast pay within 30 days Mar. 12 The conpany paid $4,200 cash to settle the account payable ereated on March 3 Mar. 19 The company paid $5,000 cash for the premiun on a 12-nonth insurance policy. The company's poliey is to record Mar. 22 The company received $3,500 cash as partial payment for the work completed on March 9 Mar. 25 The company completed vwork for another elient for 3,820 on eredit Mar. 29 The eonpany paid $5,100 cash in dividends Mar. 30 The conmpany purchased $600 of additional office supplies on credit Mar. 31 The company paid $500 eash for this month's utility bill St Retained Balance Sheet Equity General Journal Tab-For each transaction, prepare the required journal entry on the General Journal tabList debits before credits. Each journal entry is automatically posted to the General Ledger General Ledger Tab To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Abnormal balances appear in parentheses. Click on any amount to see the underlying journal entry. Trial Balance Tab-A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. If your trial balance doesn't balance, review your journal entries on the Income Statement Tab- Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate Statement of Retained Earnings Tab Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the owner's capital balance Balance Sheet Tab-Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate Impact on Equity Tab - Using the dropdown buttons, indicate the impact each item has on total equity. Compare the total with the amount of equity reported on the balance sheet. General Journal >
