Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $200,000 cash along with $28,000 in office equipment in the company. 2 The company prepaid $7,500 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $7,500. 3 The company made credit purchases of office equipment for $3,300 and office supplies for $1,200. 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 $8,800 project for a client, who must pay within 30 days. 12 The company paid $4,500 cash to settle the account payable created on March 3. 19 The company paid $5,300 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $5,300. 22 The company received $4,500 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,630 on credit. 29 Brooks withdrew $7,000 cash from the company for personal use. 30 The company purchased $1,400 of additional office supplies on credit. 31 The company paid $500 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 $200,000 cash along with $28,000 in office equipment in the company. 2 The company prepaid $7,500 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $7,500. 3 The company made credit purchases of office equipment for $3,300 and office supplies for $1,200. 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 $8,800 project for a client, who must pay within 30 days. 12 The company paid $4,500 cash to settle the account payable created on March 3. 19 The company paid $5,300 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $5,300. 22 The company received $4,500 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,630 on credit. 29 Brooks withdrew $7,000 cash from the company for personal use. 30 The company purchased $1,400 of additional office supplies on credit. 31 The company paid $500 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March.
1 Brooks invested $200,000 cash along with $28,000 in office equipment in the company.
2 The company prepaid $7,500 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $7,500.
3 The company made credit purchases of office equipment for $3,300 and office supplies for $1,200. 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 $8,800 project for a client, who must pay within 30 days.
12 The company paid $4,500 cash to settle the account payable created on March 3.
19 The company paid $5,300 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for
$5,300.
22 The company received $4,500 cash as partial payment for the work completed on March 9.
25 The company completed work for another client for $4,630 on credit.
29 Brooks withdrew $7,000 cash from the company for personal use.
30 The company purchased $1,400 of additional office supplies on credit.
31 The company paid $500 cash for this month's utility bill.
March
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:Complete this question by entering your answers in the tabs bel
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
0 $
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