Problem 2-3A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2 Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $160,000 cash along with $28,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $7,500 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $7,500. 3 The company made credit purchases of office equipment for $3,800 and office supplies for $1,200. 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 $10,000 project for a client, who must pay within 30 days. 12 The company paid $5,000 cash to settle the account payable created on March 3. 19 The company paid $6,300 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $6,300. 22 The company received $3,900 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,880 on credit. 29 The company paid a $5,000 cash dividend. 30 The company purchased $2,000 of additional office supplies on credit. 31 The company paid $1,500 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); 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. VENTURE CONSULTANTS Trial Balance March 31 Debit Credit Totals $ 0 $ 0