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Manual JE Problem - I will have to manually grade. Go Chiefs! opened a Web consulting business called Venture Consultants and completed the following transactions
Manual JE Problem - I will have to manually grade. Go Chiefs! opened a Web consulting business called Venture Consultants and completed the following transactions in March March 1 Ann (the owner) invested $195,000 cash along with $25,000 in office equipment in the company in exchange for common stock 2 The company paid $2,500 cash for this months rent for an office. 3 The company made credit purchases of office equipment for $4,100 and office supplies for $2,200. Payment is due within 10 days 6 The company completed services for a client and immediately received $5,000 cash. 9 The company completed a $10,500 project for a client, who must pay within 30 days. 12 The company paid $6,300 cash to settle the account payable created on March 3 19 The company paid $4,100 cash for the premium on a 12-month insurance policy 22 The company received $3,100 cash as partial payment for the work completed on March 9, 25 The company completed work for another client for $3,840 on credit. 29 The company paid a $7100 cash dividend. 31 The company paid $1,100 cash for this month's utility bill. Required: 1. Prepare general journal entries to record these transactions using the following titles: Cash: Accounts Receivable : Office Supplies Prepaid Insurance : Prepaid Rent: Office Equipment: Accounts Payable : Common Stock: Dividends: Services Revenue Rent Expense and Utilities Expense. Prepare Journal Entries on the lined general journal form below. It will not allow you to indent the credit, thus be sure to place the debit and credit amounts in the appropriate columns. See my example. Omit explanations!!!! Leave a blank line between each entry. Debit Credit Date Example Account Titles (use the ones given in the problem) Cash 2000 2000 Service Revenue
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