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 completes the following transactions in March. March 1 Brooks invested $195,000 cash along with $29,000 in office equipment in the company. 2 The company prepaid $6,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $6,000.) 3 The company made credit purchases of office equipment for $3,200 and office supplies for $1,300. Payment is due within 10 days. 6 The company completed services for a client and immediately received $4,000 cash. 9 The company completed a $7,508 project for a client, who must pay within 30 days. 12 The company paid $4,500 cash to settle the account payable created on March 3. 19 The company paid $8,200 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $8,280.) 22 The company received $3,700 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,530 on credit. 29 Brooks withdrew $6,900 cash from the company for personal use. 30 The company purchased $1,800 of additional office supplies on credit. 31 The company paid $400 cash for this month's utility biu. 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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). View transaction list Journal entry worksheet 101: Cash Dobit Credit 106: Accounts Receivable Debit Credit Date Balance Dato Balance 124: Office Supplies Debit Credit 128: Prepaid Insurance Debit Credit Date Balance Date Balance 131: Prepaid Rent Debit Credit 163: Office Equipment Debit Credit Date Balance Date Balance 201: Accounts Payable Debit Credit 301: D. Brooks, Capital Debit Credit Date Balance Date Balance 302: D. Brooks. Withdrawals Debit Credit 403: Services Revenue Debit Credit Date Balance Date Balance 690: Utilities Expense Debit Credit Date Balance 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 Debit Credit Totals $ 0 $ 0
