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 $185,000 cash along with $29,000 n office equipment in the company in exchange for common stock. 2 The company prepaid $7,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $7,000.) 3 The company made credit purchases of office equipment for $3,000 and office supplies for $2,300. Payment is due within 10 days. 6 The company completed services for a client and immediately received $5,000 cash. 9 The company completed a $9,100 project for a client, who must pay within 30 days. 12 The company paid $5,300 cash to settle the account payable created on March 3. 19 The company paid $7,700 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $7,700.) 22 The company received $4,100 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $5,020 on credit. 29 The company paid $6,500 cash in dividends. 30 The company purchased $1,900 of additional office supplies on credit. 31 The company paid $400 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. 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); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690). View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 > Brooks invested $185,000 cash along with $29,000 in office equipment in the company in exchange for common stock. Note: Enter debits before credits. General Journal Debit Credit Date Mar 01 Record entry Clear entry View general journal Required 1 Required 2 > Required Required 2 Required s Post the journal entries from part 1 to the ledger accounts. 101: Cash Debit Credit 106: Accounts Receivable Debit Credit Date Balance Date 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 307: Common Stock Debit Credit Date Balance Date Balance 319: Dividends Debit Credit 403: Services Revenue Debit Credit Date Balance Date Balance 690: Utilities Expense Debit Credit Date Balance 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 S 0 S 0
