Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March. March 1-Brooks invested $150,000 cash along with $22,000 in office equipment in the company.
March 2-The company prepaid $6,000 cash for six months rent for and office. (Hint: Debit Prepaid Rent for $6,000.)
March 3-The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment due within 10 days.
March 6-The company completed services for a client and immediately received $4,000 cash.
March 9-The company completed a $7,500 project for a client who must pay within 30 days.
March 12-The company paid $4,200 cash to settle the accounts payable created on March 3.
March 19-The company paid $5,000 cash for the premium on a 12 month insurance policy. (Hint: Debit Prepaid Insurance for $5,000.)
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 $3,280 on credit.
March 29-Brooks withdrew $5,100 cash from the company for personal use.
March 30-The company purchased $600 of additional office supplies on credit.
March 31-The company paid $500 cash for this months utility bill.
Questions
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 question 1 to the ledger accounts.
3.Prepare a trial balance as of the end of March