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 $165,000 cash along with $30,000 in office equipment in the company.
		2		The company prepaid $9,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $9,000.)
		3		The company made credit purchases of office equipment for $3,800 and office supplies for $2,200. Payment is due within 10 days.
		6		The company completed services for a client and immediately received $3,000 cash.
		9		The company completed a $10,100 project for a client, who must pay within 30 days.
		12		The company paid $6,000 cash to settle the account payable created on March 3.
		19		The company paid $4,800 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $4,800.)
		22		The company received $3,600 cash as partial payment for the work completed on March 9.
		25		The company completed work for another client for $4,930 on credit.
		29		Brooks withdrew $6,100 cash from the company for personal use.
		30		The company purchased $1,500 of additional office supplies on credit.
		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); 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.

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. 1 Brooks invested $165, 000 cash along with $30,000 in office equipment in the company. 2 The company prepaid $9,000 cash for six months' 3 The company made credit purchases of office equipment for $3,800 and office supplies for $2, 200. Payment is due within 10 days 6 The company completed services for a client and immediately received $3,000 cash. 9 The company completed a $10,100 project for a client, who must pay within 30 days. 12 The company paid $6,000 cash to settle the account payable created on March 3 19 The company paid $4,800 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $4,800.) 22 The company received $3,600 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,930 on credit. 29 Brooks withdrew $6,100 cash from the company for personal use. 30 The company purchased $1,500 of additional office supplies on credit. 31 The company paid $900 cash for this month's utility bill. March rent for an office. (Hint: Debit Prepaid Rent for $9,000.) Required: 1. Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); D. Brooks, Capital (301); D. Brooks, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). 2. Post the journal entries from part 1 to the ledger accounts. 3. Prepare a trial balance as of the end of March Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); D. Brooks, Capital (301); D. Brooks, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Post the journal entries from part 1 to the ledger accounts. 101: Cash 106: Accounts Receivable Credit Balance Credit Balance Date Debit Date Debit 124: Office Supplies 128: Prepaid Insurance Balance Date Debit Credit Balance Date Debit Credit 163: Office Equipment 131: Prepaid Rent Debit Date Credit Balance Date Debit Credit Balance 301: D. Brooks, Capital 201: Accounts Payable Credit Date Debit Credit Balance Date Debit Balance 201: Accounts Payable 301: D. Brooks, Capital Debit Credit Date Credit Balance Date Debit Balance 302: D. Brooks, Withdrawals 403: Services Revenue Debit Debit Credit Balance Date Credit Balance Date 690: Utilities Expense Date Debit Credit Balance Required 3> Required 1 Complete this question by entering your answers in the tabs below. Required 2 Required 1 Required 3 Prepare a trial balance as of the end of March VENTURE CONSULTANTS Trial Balance March 31 Debit Credit 0$ $ Totals Required 2 Required 3