Question
Questions are listed in the attached images. Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March. 1.
Questions are listed in the attached images.
Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March. |
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).
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March 1 | Brooks invested $175,000 cash along with $23,000 in office equipment in the company in exchange for common stock. |
2 | The company prepaid $6,500 cash for six months' rent for an office. (Hint:Debit Prepaid Rent for $6,500.) |
3 | The company made credit purchases of office equipment for$4,100and officesupplies for $1,300. Payment is due within 10 days. |
6 | The company completed services for a client and immediately received$5,500cash. |
9 | The company completed a $9,600 project for a client, who must pay within 30days. |
12 | The company paid $5,400 cash to settle the account payable created on March 3. |
19 | The company paid $4,900 cash for the premium on a 12-month insurancepolicy. (Hint:Debit Prepaid Insurance for $4,900.) |
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 $5,430 on credit. |
29 | The company paid $7,000 cash in dividends. |
30 | The company purchased $1,100 of additional office supplies on credit. |
31 | The company paid $1,000 cash for this month's utility bill. |
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