### Trial Balance Preparation**Task Overview:**You are required to prepare a trial balance as of the end of March for Venture Consultants.**Template Details:**The trial balance template includes the following sections:- **Title:** "VENTURE CONSULTANTS" is at the top, indicating the entity for which the trial balance is prepared.- **Subtitle:** "Trial Balance" is featured with the date "March 31" below it to specify the reporting date.- **Columns:** - Two main columns are labeled "Debit" and "Credit." - **Rows:** - There are multiple blank rows where account names and corresponding balances should be entered. - **Bottom Row:** - The final row labeled "Totals" is where you will sum up the debit and credit columns to ensure they balance.This template provides the structure needed to list all account titles and their respective balances. Make sure that the total of the debit column equals the total of the credit column to ensure the trial balance is correctly prepared. 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 $20,000 in office equipment in the company.- **March 2:** - The company prepaid $9,000 cash for six months’ rent for an office. *Hint: Debit Prepaid Rent for $9,000.*- **March 3:** - The company made credit purchases of office equipment for $2,600 and office supplies for $1,200. 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 $7,700 project for a client, who must pay within 30 days.- **March 12:** - The company paid $3,800 cash to settle the account payable created on March 3.- **March 19:** - The company paid $7,700 cash for the premium on a 12-month insurance policy. *Hint: Debit Prepaid Insurance for $7,700.*- **March 22:** - The company received $4,000 cash as partial payment for the work completed on March 9.- **March 25:** - The company completed work for another client for $3,890 on credit.- **March 29:** - Brooks withdrew $7,400 cash from the company for personal use.- **March 30:** - The company purchased $600 of additional office supplies on credit.- **March 31:** - The company paid $1,300 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) - Utilities Expense (690)2. **Post the journal entries** from part 1 to the ledger accounts.3. **Prepare a trial

Journal entry refers to recording and classyfing business transactions into books of accounts…

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 $20,000 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 $2,600 and office supplies for $1,200. Payment is due within 10 days. 6 The company completed services for a client and immediately received $6,000 cash. 9 The company completed a $7,700 project for a client, who must pay within 30 days. 12 The company paid $3,800 cash to settle the account payable created on March 3. 19 The company paid $7,700 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $7,700. 22 The company received $4,000 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $3,890 on credit. 29 Brooks withdrew $7,400 cash from the company for personal use. 30 The company purchased $600 of additional office supplies on credit. 31 The company paid $1,300 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.

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q