Problem 2 2A Preparing and posting journal entries preparing a trial balance LO C3, C4, A1, P1, P2 The following information applies to the questions displayed below Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March March 1 Brooks invested $195,000 cash along with $27,000 in office equipment in the company 2 The company prepaid $8,500 cash for six months' rent for an office (Hint Debit Prepaid Rent for $8,500 ) 3 The company made credit purchases of office equipment for $4,400 and office supplies for $1,500 Payment is due within 10 days 6 The company completed services for a client and immediately received $7,000 cash 9 The company completed a $7,500 project for a client, who must pay within 30 days 12 The company paid $5,900 cash to settle the account payable created on March 3 19 The company paid $5,000 cash for the premium on a 12 month insurance policy (Hint Debit Prepaid Insurance for $5,000 ) 22 The company received $3,800 cash as partial payment for the work completed on March 9 25 The company completed work for another client for $4,340 on credit 29 Brooks withdrew $4,800 cash from the company for personal use 30 The company purchased $1,400 of additional office supplies on credit 31 The company paid $600 cash for this month's utility bill References Section Break Problem 2 2A Preparing and posting journal entries preparing a trial balance LO C3, C4, A1, P1, P2 2 value 1 11 points Required information Problem 2 2A Part 1 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) D Brooks, Capital (301) D Brooks, Withdrawals (302) Services Revenue (403) and Utilities Expense (690) References eBook Resources Worksheet Learning Objective 02 A1 Analyze the impact of transactions on accounts and financial statements Learning Objective 02 P1 Record transactions in a journal and post entries to a ledger Problem 2 2A Part 1 Learning Objective 02 C3 Describe a ledger and a chart of accounts Learning Objective 02 P2 Prepare and explain the use of a trial balance Difficulty Medium Learning Objective 02 C4 Define debits and credits and explain double entry accounting Check my work 3 value 1 11 points Required information Problem 2 2A Part 2 2 Open the ledger accounts for the account titles referred in part 1 and post the journal entries from part 1 to the ledger accounts References eBook Resources Worksheet Learning Objective 02 A1 Analyze the impact of transactions on accounts and financial statements Learning Objective 02 P1 Record transactions in a journal and post entries to a ledger Problem 2 2A Part 2 Learning Objective 02 C3 Describe a ledger and a chart of accounts Learning Objective 02 P2 Prepare and explain the use of a trial balance Difficulty Medium Learning Objective 02 C4 Define debits and credits and explain double entry accounting Check my work 4 value 1 11 points Required information Problem 2 2A Part 3 3 Prepare a trial balance as of the end of March rev 09 23 2013 QC 36210, 01 02 2014 QC 43145 References eBook Resources Worksheet Learning Objective 02 A1 Analyze the impact of transactions on accounts and financial statements Learning Objective 02 P1 Record transactions in a journal and post entries to a ledger Problem 2 2A Part 3 Learning Objective 02 C3 Describe a ledger and a chart of accounts Learning Objective 02 P2 Prepare and explain the use of a trial balance Difficulty Medium

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Problem 2-2A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2 [The following information applies to the questions displayed

Problem 2-2A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2

[The following information applies to the questions displayed below.]

Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March.

March 1	Brooks invested $195,000 cash along with $27,000 in office equipment in the company.
2	The company prepaid $8,500 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $8,500.)
3	The company made credit purchases of office equipment for $4,400 and office supplies for $1,500. Payment is due within 10 days.
6	The company completed services for a client and immediately received $7,000 cash.
9	The company completed a $7,500 project for a client, who must pay within 30 days.
12	The company paid $5,900 cash to settle the account payable created on March 3.
19	The company paid $5,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $5,000.)
22	The company received $3,800 cash as partial payment for the work completed on March 9.
25	The company completed work for another client for $4,340 on credit.
29	Brooks withdrew $4,800 cash from the company for personal use.
30	The company purchased $1,400 of additional office supplies on credit.
31	The company paid $600 cash for this month's utility bill.

References

Section BreakProblem 2-2A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2

value: 1.11 points

Required information

Problem 2-2A Part 1

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); D. Brooks, Capital (301); D. Brooks, Withdrawals (302); Services Revenue (403); and Utilities Expense (690).

References

eBook & Resources

WorksheetLearning Objective: 02-A1 Analyze the impact of transactions on accounts and financial statements.Learning Objective: 02-P1 Record transactions in a journal and post entries to a ledger.

Problem 2-2A Part 1Learning Objective: 02-C3 Describe a ledger and a chart of accounts.Learning Objective: 02-P2 Prepare and explain the use of a trial balance.

Difficulty: MediumLearning Objective: 02-C4 Define debits and credits and explain double-entry accounting.

Check my work

value: 1.11 points

Required information

Problem 2-2A Part 2

2.	Open the ledger accounts for the account titles referred in part 1 and post the journal entries from part 1 to the ledger accounts.

References

eBook & Resources

WorksheetLearning Objective: 02-A1 Analyze the impact of transactions on accounts and financial statements.Learning Objective: 02-P1 Record transactions in a journal and post entries to a ledger.

Problem 2-2A Part 2Learning Objective: 02-C3 Describe a ledger and a chart of accounts.Learning Objective: 02-P2 Prepare and explain the use of a trial balance.

Difficulty: MediumLearning Objective: 02-C4 Define debits and credits and explain double-entry accounting.

Check my work

value: 1.11 points

Required information

Problem 2-2A Part 3

3.	Prepare a trial balance as of the end of March.

rev: 09_23_2013_QC_36210, 01_02_2014_QC_43145

References

eBook & Resources

WorksheetLearning Objective: 02-A1 Analyze the impact of transactions on accounts and financial statements.Learning Objective: 02-P1 Record transactions in a journal and post entries to a ledger.

Problem 2-2A Part 3Learning Objective: 02-C3 Describe a ledger and a chart of accounts.Learning Objective: 02-P2 Prepare and explain the use of a trial balance.

Difficulty: Medium