liberty university accounting 211

O e https Help Save & Exit Sub 2 Brooks opened a Web consulting business c Venture Consultants and completes the following transactions in March. March 1 Brooks invested $175,800 cash along with $27,000 n office equipsent in the company in exchange for common stock. 2 The company prepaid $7,580 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for 3 The company made credit purchases of office equipment for $5,380 and office supplies for $2,100. Payment is due within 10 days. 6 The company completed services for a client and inmediately received $6,000 cash. 9 The company completed a $12,180 project for a client, who must pay within 30 days. 12 The company paid $7,400 cash to settle the account payable created on March 3. 19 The company paid $5,980 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $5,900.) 22 The company received $4,980 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $5,840 on credit. 29 The company paid $5,980 cash in dividends. 30 The company purchased $1,480 of additional office supplies on credit. 31 The company paid $1,480 cash for this month's utility bill Required: 1. Prepare general journal entries to record these transactions using the following titles Cash (101, Accounts Receivable (106), Office Supplies (124), Prepaid Insurance (128) Prepaid Rent (131). Office Equipment (163). Accounts Payable (201), Common Stock (307), Dividends (319). Services Revenue (403); and Utilities Expense (690) 2. Post the journal entries from part 1 to the ledger accounts 3. Prepare a trial balance as of the end of March. K Prev 2 of 8 Next