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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 $25,000 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 $4,200 and office supplies for $1,600. Payment is due within 10 days. 6 The company completed services for a client and immediately received $6,500 cash. 9 The company completed a $12,100 project for a client, who must pay within 30 days. 12 The company paid $5,800 cash to settle the account payable created on March 3. 19 The company paid $7,800 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $7,800. 22 The company received $5,200 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,830 on credit. 29 Brooks withdrew $5,700 cash from the company for personal use. 30 The company purchased $1,500 of additional office supplies on credit. 31 The company paid $1,400 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); 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.

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 $25,000 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 $4,200 and office supplies for $1,600. Payment is due within 10 days. 6 The company completed services for a client and immediately received $6,500 cash. 9 The company completed a $12,100 project for a client, who must pay within 30 days. 12 The company paid $5,800 cash to settle the account payable created on March 3. 19 The company paid $7,800 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $7,800. 22 The company received $5,200 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,830 on credit. 29 Brooks withdrew $5,700 cash from the company for personal use. 30 The company purchased $1,500 of additional office supplies on credit. 31 The company paid $1,400 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); 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.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...
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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 $25,000 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 $4,200 and office supplies for $1,600. Payment is due within 10 days. 6 The company completed services for a client and immediately received $6,500 cash. 9 The company completed a $12,100 project for a client, who must pay within 30 days. 12 The company paid $5,800 cash to settle the account payable created on March 3. 19 The company paid $7,800 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $7,800. 22 The company received $5,200 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,830 on credit. 29 Brooks withdrew $5,700 cash from the company for personal use. 30 The company purchased $1,500 of additional office supplies on credit. 31 The company paid $1,400 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); 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.
Transcribed Image Text: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 $25,000 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 $4,200 and office supplies for $1,600. Payment is due within 10 days. 6 The company completed services for a client and immediately received $6,500 cash. 9 The company completed a $12,100 project for a client, who must pay within 30 days. 12 The company paid $5,800 cash to settle the account payable created on March 3. 19 The company paid $7,800 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $7,800. 22 The company received $5,200 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,830 on credit. 29 Brooks withdrew $5,700 cash from the company for personal use. 30 The company purchased $1,500 of additional office supplies on credit. 31 The company paid $1,400 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); 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.
Prepare a trial balance as of the end of March. VENTURE CONSULTANTS Trial Balance March 31 Debit Totals Credit
Transcribed Image Text:Prepare a trial balance as of the end of March. VENTURE CONSULTANTS Trial Balance March 31 Debit Totals Credit
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