End of Chapter Assignments Saved Denzel Brooks opened a Web consulting business

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End of Chapter Assignments Saved Denzel Brooks opened a Web consulting business called Venture Consultants and completes the following transactions in March. rooks invested $195, 000 cash along with $28, 000 in office equipment in the company 2 The company prepaid $8, 000 cash for six months' rent for an office. (Hint: Debit Pre 3 The company made credit purchases of office equipment for $4, 100 and office supplies for $2,000. Payment is due within 18 days 6 The company completed services for a client and immediately received $6,000 cash. 9 The company completed a $11, 000 project for a client, who must pay within 30 days 12 The company paid $6,100 cash to settle the account payable created on March 3 19 The company paid $4, 500 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $4, 500.) 22 The company received $4, e00 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4, 860 on credit 29 Brooks withdrew $6, 5e0 cash from the company for personal use. 30 The company purchased $1,200 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. Complete this question by entering your answers in the tabs belovw K Prev 5 of 5E Next

Explanation / Answer

Journal Entry Date Transactions Debit Credit 1-Mar Cash $195,000 Office Equipment $28,000 To D Brooks, Capital $223,000 2-Mar Prepaid Rent $8,000 To Cash $8,000 (8000/6) 3-Mar Office Equipment $4,100 Office Supplies $2,000 To Accounts Payable $6,100 6-Mar Cash $6,000 To Service Revenue $6,000 9-Mar Accounts Receivable $11,000 To Service Revenue $11,000 12-Mar Accounts Payable $6,100 To Cash $6,100 19-Mar Prepaid Insurance $4,500 To Cash $4,500 22-Mar Cash $4,000 To Accounts Receivable $4,000 25-Mar Accounts Receivable $4,860 To Service Revenue $4,860 29-Mar Denzel Brooks, Withdrawal $6,500 To Cash $6,500 30-Mar Office Supplies $1,200 To Accounts Payable $1,200 31-Mar Utilities Expense $1,300 To Cash $1,300 Cash - (101) Debit Credit Venture Consultants D brooks Capital $195,000 Prepaid Rent $8,000 Trial Balance Service Revenue 6000 Accounts Payable $6,100 For the month ended 31st March Accounts Receivable 4000 Prepaid Insurance 4500 Account Titles Debit Credit D Brooks withdrawal 6500 Cash $178,600 Bal $178,600 Utilities Expense 1300 Accounts Receivables 11860 Office Supplies 3200 Accounts Receivable - (106) Prepaid Insurance 4500 Debit Credit Prepaid Rent 8000 Service Revenue 11000 Cash 4000 Office Equipment $32,100 Service Revenue 4860 Accounts Payable 1200 D brooks Capital 223000 Bal 11860 D brooks Withdrawals 6500 Service Revenue 21860 Utilities expense $1,300 Office Supplies - (124) Debit Credit $246,060 $246,060 Accounts Payable 2000 Accounts Payable 1200 Bal 3200 Prepaid Insurance - (128) Debit Credit Cash $4,500 Bal $4,500 Office Equipment - (163) Debit Credit D brooks capital $28,000 Accounts Payable 4100 Bal $32,100 Accounts Payable - (201) Debit Credit Cash $6,100 Office Supplies 2000 Office Equipment 4100 Office Supplies $1,200 Bal $1,200 D Brooks Capital - (301) Debit Credit Cash $195,000 Office Equipment $28,000 Bal $223,000 D Brooks Withdrawals - (302) Debit Credit Cash $6,500 Bal $6,500 Services Revenue - (403) Debit Credit Cash 6000 Accounts Receivable 11000 Accounts Receivable 4860 Bal 21860 Utilities Expense - (690) Debit Credit Cash 1300 Bal $1,300 Prepaid Rent - (131) Debit Credit Cash $8,000 Bal $8,000 Venture Consultants Trial Balance For the month ended 31st March Account Titles Debit Credit Cash 178600 Accounts Receivables 11860 Office Supplies 3200 Prepaid Insurance 4500 Prepaid Rent 8000 Office Equipment 32100 Accounts Payable 1200 D brooks Capital 223000 D brooks Withdrawals 6500 Service Revenue 21860 Utilities expense 1300 Total 246060 246060

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