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 $155,000 cash along with $20,000 in office equipment in the company.
March 2	The company prepaid $6,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $6,000.
March 3	The company made credit purchases of office equipment for $2,600 and office supplies for $1,200. Payment is due within 10 days.
March 6	The company completed services for a client and immediately received $6,500 cash.
March 9	The company completed a $7,300 project on credit for a client, who must pay within 30 days.
March 12	The company paid $3,800 cash to settle the account payable created on March 3.
March 19	The company paid $6,500 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,500.
March 22	The company received $4,700 cash as partial payment for the work completed on March 9.
March 25	The company completed work for another client for $4,540 on credit.
March 29	Brooks withdrew $4,700 cash from the company for personal use.
March 30	The company purchased $1,300 of additional office supplies on credit.
March 31	The company paid $500 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); D. Brooks, Capital (301); D. Brooks, Withdrawals (302); 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.