Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common Mar. stock. 2 The company prepaid $6,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days. Mar. Mar. 6 The company completed services for a client and immediately received $4,000 cash. 9 The company completed a $7,500 project for a client, who must pay within 30 days. 12 The company paid $4,200 cash to settle the account payable created on March 3. Mar. Mar. Mar. Mar. 19 The company paid $5,000 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 22 The company received $3,500 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $3,820 on credit. Mar. Mar. 29 The company paid $5,100 cash in dividends. Mar. 30 The company purchased $600 of additional office supplies on credit. Mar. 31 The company paid $500 cash for this month's utility bill. St Retained Earnings General Journal Balance General Income Impact on Equity Requirement Trial Balance Sheet Ledger Statement General Journal Tab - For each transaction, prepare the required journal entry on the General Journal tab. List debits before credits. Each journal entry is automatically posted to the General Ledger. General Ledger Tab - To see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time, click on the General Ledger tab. Abnormal balances appear in parentheses. Click on any amount to see the underlying journal entry. Trial Balance Tab - A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits. If your trial balance doesn't balance, review your journal entries on the general journal tab. Income Statement Tab - Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. Statement of Retained Earnings Tab - Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the owner's capital balance. Balance Sheet Tab - Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate. Impact on Equity Tab - Using the dropdown buttons, indicate the impact each item has on total equity. Compare the total with the amount of equity reported on the balance sheet. General Journal > Requirement Mar. 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $6,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. 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 $7,500 project for a client, who must pay within 30 days. Mar. Mar. Mar. Mar. Mar. 12 The company paid $4,200 cash to settle the account payable created on March 3. Mar. 19 The company paid $5,000 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. The company received $3,500 cash as partial payment for the work completed on March 9. The company completed work for another client for $3,820 on credit. Mar. 22 Mar. 25 Mar. 29 The company paid $5, 100 cash in dividends. Mar. 30 The company purchased $600 of additional office supplies on credit. Mar. 31 The company paid $500 cash for this month's utility bill. St Retained Earnings General General Income Balance Impact on Equity Trial Balance Requirement Ledger Journal Statement Sheet Every journal entry must keep the accounting equation in balance. Prepare the journal entries for each of the transactions of Venture Consultants, entering the debits before the credits. Each transaction will automatically be posted to the General Ledger and the Trial Balance as soon as you click "Record Entry". Show lessA View transaction list Journal entry worksheet 3 4 5 6 7 8 12 ...... Mar. 1) Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock. Note: Enter debits before credits. Credit Date Account Title Debit Mar 01 Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on financial statements. 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for cor Mar. stock. 2 The company prepaid $6,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Paymer due within 10 days. 6 The company completed services for a client and immediately received $4,000 cash. 9 The company completed a $7,500 project for a client, who must pay within 30 days. 12 The company paid $4,200 cash to settle the account payable created on March 3. 19 The company paid $5,000 cash for the premium on a l12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. Mar. Mar. Mar. Mar. Mar. Mar. 22 The company received $3,500 cash as partial payment for the work completed on March 9. Mar. 25 The company completed work for another client for $3,820 on credit. Mar. 29 The company paid $5,100 cash in dividends. Mar. 30 The company purchased $600 of additional office supplies on credit. Mar. 31 The company paid $500 cash for this month's utility bill. St Retained Earnings General Journal General Balance Income Impact on Equity Trial Balance Requirement Ledger Sheet Statement The trial balance is a listing of all account balances from the General Ledger as of a specific date. Click on any individual account balance to return to the General Ledger. The trial balance is only as accurate as the underlying journal entries. If the total debits do not equal total credits, then there is a journal entry that is out of balance. If you have an abnormal ending balance (indicated with brackets in the general ledger), you should review the journal entries that affected that account to ensure that the journal entries are correct. Show lessA VENTURE CONSULTANTS Trial Balance March 31, 2017 Account Title Debit Credit O$ Total Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common Mar. stock. 2 The company prepaid $6,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. 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 $7,500 project for a client, who must pay within 30 days. 12 The company paid $4,200 cash to settle the account payable created on March 3. Mar. Mar. Mar. Mar. Mar. Mar. 19 The company paid $5,000 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 22 The company received $3,500 cash as partial payment for the work completed on March 9. Mar. 25 The company completed work for another client for $3,820 on credit. Mar. 29 The company paid $5,100 cash in dividends. Mar. 30 The company purchased $600 of additional office supplies on credit. Mar. 31 The company paid $500 cash for this month's utility bill. St Retained Earnings General General Balance Income Impact on Equity Requirement Trial Balance Journal Ledger Sheet Statement Using the dropdown buttons, select the financial statement elements and account titles to be included on the income statement. The account balances will automatically populate. VENTURE CONSULTANTS Income Statement For Month Ended March 31, 2017 Denzel Brooks opens a web consulting business called Venture Consultants and completes the following transactions in March. Using the following transactions, record journal entries, create financial statements, and assess the impact of each transaction on the financial statements. 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock. Mar. 2 The company prepaid $6,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. 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 $7,500 project for a client, who must pay within 30 days. Mar. Mar. Mar. Mar. Mar. 12 The company paid $4,200 cash to settle the account payable created on March 3. Mar. 19 The company paid $5,000 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 22 The company received $3,500 cash as partial payment for the work completed on March 9. Mar. 25 The company completed work for another client for $3,820 on credit. Mar. 29 The company paid $5,100 cash in dividends. Mar. 30 The company purchased $600 of additional office supplies on credit. Mar. 31 The company paid $500 cash for this month's utility bill. St Retained Earnings General General Balance Income Impact on Equity Requirement Trial Balance Ledger Sheet Journal Statement Using the dropdown buttons, select the item that accurately describes the values that either increase or decrease the retained earnings. ...........= ........... VENTURE CONSULTANTS Statement of Retained Earnings For Month Ended March 31, 2017 Retained earnings, March 1, 2017 Retained earnings, March 31, 2017 Mar. Brooks invested $150,000 cash along with $22,000 ln office equipment in the company in exchange for common stock. 2 The company prepaid $6,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. 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 $7,500 project for a client, who must pay within 30 days. Mar. Mar. Mar. Mar. Mar. 12 The company paid $4,200 cash to settle the account payable created on March 3. Mar. 19 The company paid $5,000 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 22 The company received $3,500 cash as partial payment for the work completed on March 9. Mar. 25 The company completed work for another client for $3,820 on credit. Mar. 29 The company paid $5,100 cash in dividends. Mar. 30 The company purchased $600 of additional office supplies on credit. Mar. 31 The company paid $500 cash for this month's utility bill. St Retained Earnings Balance General General Income Impact on Trial Balance Requirement Journal Ledger Statement Sheet Equity ........ Using the dropdown buttons, select the financial statement elements and account titles to be included on the balance sheet. The account balances will automatically populate. .... ............................... .. VENTURE CONSULTANTS Balance Sheet March 31, 2017 Total Liabilities 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $6,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. 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 $7,500 project for a client, who must pay within 30 days. 12 The company paid $4,200 cash to settle the account payable created on March 3. Mar. Mar. Mar. Mar. Mar. Mar. Mar. 19 The company paid $5,000 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. 22 The company received $3,500 cash as partial payment for the work completed on Mar. March 9. Mar. 25 The company completed work for another client for $3,820 on credit. Mar. 29 The company paid $5,100 cash in dividends. Mar. 30 The company purchased $600 of additional office supplies on credit. sa Mar. 31 The company paid $500 cash for this month's utility bil1. St Impact on Equity General General Balance Trial Income Require. Retained Journal Ledger Balance Statem... Sheet The expanded accounting equation shows the four subsets of equity: Revenues, Expenses, stockholder investments and dividends. Using the dropdown buttons, indicate the impact each transaction has on total equity (if any). Compare the total with the amount of equity reported on the balance sheet. Show lessA Transaction Impact on Equity Mar. 1) Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock. Mar. 2) The company prepaid $6,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 3) The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days. Mar. 6) The company completed services for a client and immediately received $4,000 cash. Mar. 9) The company completed a $7,500 project for a client, who must pay within 30 days. Mar. 12) The company paid $4,200 cash to settle the account payable created on March 3. Mar. 19) The company paid $5000 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 22) The company received $3,500 cash as partial payment for the work completed on March 9. Mar. 25) The company completed work for another client for $3,820 on credit. Mar. 29) The company paid $5,100 cash in dividends. Mar. 30) The company purchased $600 of additional office supplies on credit. Mar. 31) The company paid $500 cash for this month's utility bill. Total impact on equity