Problem 2-3A (Algo) Preparing and posting journal entries; preparing a trial balance LO A1, P1 Denzel...

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Problem 2-3A (Algo) Preparing and posting journal entries; preparing a trial balance LO A1, P1 Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $170,000 cash along with $20,000 in office equipment in the company in exchange for common stock. March 2 The company prepaid $9,000 cash for six months rent for an office. Hint: Debit Prepaid Rent for $9,000. March 3 The company made credit purchases of office equipment for $4,800 and office supplies for $2,000. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $4,000 cash. March 9 The company completed a $11,608 project on credit for a client, who must pay within 30 days. March 12 The company paid $5,800 cash to settle the account payable created on March 3. March 19 The company paid $4,300 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $4,300. March 22 The company received $3,700 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $4,160 on credit. March 29 The company paid a $6,600 cash dividend. March 30 The company purchased $600 of additional office supplies on credit. March 31 The company paid $900 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 tnal balance as of the end of March Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a trial balance as of the end of March. VENTURE CONSULTANTS Trial Balance March 31 Totals Debit Credit Problem 2-3A (Algo) Preparing and posting journal entries; preparing a trial balance LO A1, P1 Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $170,000 cash along with $20,000 in office equipment in the company in exchange for common stock. March 2 The company prepaid $9,000 cash for six months rent for an office. Hint: Debit Prepaid Rent for $9,000. March 3 The company made credit purchases of office equipment for $4,800 and office supplies for $2,000. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $4,000 cash. March 9 The company completed a $11,608 project on credit for a client, who must pay within 30 days. March 12 The company paid $5,800 cash to settle the account payable created on March 3. March 19 The company paid $4,300 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $4,300. March 22 The company received $3,700 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $4,160 on credit. March 29 The company paid a $6,600 cash dividend. March 30 The company purchased $600 of additional office supplies on credit. March 31 The company paid $900 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 tnal balance as of the end of March Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a trial balance as of the end of March. VENTURE CONSULTANTS Trial Balance March 31 Totals Debit Credit