Venture Consultants Assignment

Venture Consultants Assignment

Denzel Brooks opened a Web consulting business called Venture Consultants and completes the following transactions in March. March 1 Brooks invested $155,000 cash along with $25,000 n office equipment in the company in exchange for common stock 2 The company prepaid ş9,500 cash for six months' 3 The company made credit purchases of office equipment for $2,900 and office supplies for $1,100. Payment is due within 10 days. 6 The company completed services for a client and immediately received $5,500 cash. 9 The company completed a $7,100 project for a client, who must pay within 30 days 1: rent for an office. (Hint: Debit Prepaid Rent for $9,500.) company-paid *. le the account paya ate on March 3. $6,900 y paid $6, 900 cash 19 The or the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for 22 The company received $4,100 cash as partial payment for the work completed on March 9 25 The company completed work for another client for $4,280 on credit. 29 The company paid $5,700 cash in dividends 30 The company purchased $1,500 of additional office supplies on credit. 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); Common Stock (307); Dividends (319); 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 answers in the tabs below. Required 1 Required 2 Required 3 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); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690) Brooks invested $155,000 cash along with $25,000 in office equipment in the company in exchange for 1 common stock. t i The company prepaid $9,500 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $9,500.) The company made credit purchases of office equipment for $2,900 and office supplies for $1,100. Payment is due within 10 days.

3 The company completed services for a client and immediately received $5,500 cash 4.

12 The company completed a $7,100 project for a client, who must pay within 30 days 5 nt in The company paid $4,000 cash to settle the account payable created on March 3 6 The company paid $6,900 cash for the premium on a 12- month insurance policy. (Hint: Debit Prepaid Insurance for $6,900.)

7 Credit The company received $4,100 cash as for the work completed on March 9 partial payment 8

The company completed work for another client for $4,280 on credit The company paid $5,700 cash in dividends. 10 Credit The company purchased $1,500 of additional office supplies on credit 11 12

The company paid $1,100 cash for this month's utility bill Journal entry worksheet 6 7 1 2 4 5 12 Brooks invested $155,000 cash along with $25,000 in office equipment in the company in exchange for common stock Note: Enter debits before credits. Date General Journal Debit Credit Mar 01 Record entry Clear entry View general journal. Get Accounting homework help today with Homework Market