Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Post the journal entries from part 1 to the ledger accounts. Journal entry worksheet Brooks invested $150,000 cash along with $22,000 in office equipment in

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Post the journal entries from part 1 to the ledger accounts. Journal entry worksheet Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock. Note: Enter debits before credits. Prepare a trial balance as of the end of March. Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $150,000 cash along with $22,000 in office equipeent in the company in exchange for camon stock. March 2 The company prepaid $6,000 cash for six month's' rent for an office. Hint: Debit Prepoid Rent for $6,000. March 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days. March 6 The conpany completed services for a client and imeediately received $4,000 cash. March 9 The company completed a \$7,509 project on credit for a client, who nust pay within 30 days. March-12 The company paid 54,200 cash to settle the account payable created on March 3. March 19 The company paid \$5,000 cash for the prealum on a 12-month insurance policy. Hint: Debit Prepaid Insurance for \$5, 0ee. March 22 The company received $3,500 cash as partial payment for the work campleted on March 9. March 25 The conpany conpleted work for another client for $3,820 on credit. March 29 The coapany paid a $5,100 cash dividend. March 30 The company purchased $600 of additional office supplies on crodit. March 31 The compony paid $590 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 Supplles (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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Lead Auditor ISO 22000 2018 Food Safety Management Systems FSMS Course

Authors: Marius Hauta

1st Edition

B0BTSCBJ82, 979-8376159750

More Books

Students also viewed these Accounting questions

Question

Identify the basic accounting equation.

Answered: 1 week ago

Question

8. Set goals that relate to practice as well as competition.

Answered: 1 week ago