Enter all the stuff inside of the general journal Denzel Brooks opened a Web consulting business calledVenture Consultants and completed the followingtransactions in March.March 1 Brooks invested $195,000 cash along with$24,000 in office equipment in the company.March 2 The company prepaid $6,500 cash for sixmonths' rent for an office. Hint: DebitPrepaid Rent for $6,500.March 3 The company made credit purchases of officeequipment for $3,400 and office suppliesfor $1,400. Payment is due within 10 days.March 6 The company completed services for a clientand immediately received $6,000 cash.March 9 The company completed a $12,500 project oncredit for a client, who must pay within30 days.March 12 The company paid $4,800 cash to settle theaccount payable created on March 3.March 19 The company paid $7,500 cash for thepremium on a 12-month insurance policy.Hint: Debit Prepaid Insurance for $7,500.March 22 The company received $3,500 cash as partialpayment for the work completed on March 9.March 25 The company completed work for anotherclient for $3,960 on credit.March 29 Brooks withdrew $5,800 cash from thecompany for personal use.March 30 The company purchased $1,000 of additionaloffice supplies on credit.March 31 The company paid $1,100 cash for thismonth's utility bill.Required:1. Prepare general journal entries to record thesetransactions using the following titles: Cash (101); AccountsReceivable (106); Office Supplies (124); Prepaid Insurance(128); Prepaid Rent (131); Office Equipment (163); AccountsPayable (201); D. Brooks, Capital (301); D. Brooks,Withdrawals (302); Services Revenue (403); and UtilitiesExpense (690).2. Post the journal entries from part 1 to the ledgeraccounts.3. Prepare a trial balance as of the end of March.Complete this question by entering your ans Note: Enter debits before credits.DateGeneral JournalDebitCreditMarch 01Record entryClear entryView general jRequired 1Required 2

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Description: Enter all the stuff inside of the general journal Denzel Brooks opened a Web consulting business calledVenture Consultants and completed the followingtransactions in March.March 1 Brooks invested $195,000 cash along with$24,000 in office equipment in

Answered: Denzel Brooks opened a Web consulting…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Enter all the stuff inside of the general journal

Denzel Brooks opened a Web consulting business called
Venture Consultants and completed the following
transactions in March.
March 1 Brooks invested $195,000 cash along with
$24,000 in office equipment in the company.
March 2 The company prepaid $6,500 cash for six
months' rent for an office. Hint: Debit
Prepaid Rent for $6,500.
March 3 The company made credit purchases of office
equipment for $3,400 and office supplies
for $1,400. Payment is due within 10 days.
March 6 The company completed services for a client
and immediately received $6,000 cash.
March 9 The company completed a $12,500 project on
credit for a client, who must pay within
30 days.
March 12 The company paid $4,800 cash to settle the
account payable created on March 3.
March 19 The company paid $7,500 cash for the
premium on a 12-month insurance policy.
Hint: Debit Prepaid Insurance for $7,500.
March 22 The company received $3,500 cash as partial
payment for the work completed on March 9.
March 25 The company completed work for another
client for $3,960 on credit.
March 29 Brooks withdrew $5,800 cash from the
company for personal use.
March 30 The company purchased $1,000 of additional
office supplies on credit.
March 31 The company paid $1,100 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.
Complete this question by entering your ans

Note: Enter debits before credits.
Date
General Journal
Debit
Credit
March 01
Record entry
Clear entry
View general j
Required 1
Required 2

Expert Solution

Step 1

A journal entry is used to record a business deal in a company's accounting records. A journal entry is usually recorded in the general ledger; however, it can also be recorded in a subsidiary ledger, summarized, and rolled forward into the general ledger. The general ledger is then used to generate the financial statements for the company. According to the logic of a journal entry, every business transaction should be recorded in at least two places (known as double entry accounting). When you make a cash sale, for example, both the revenue and cash accounts are increased.

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