End of Chapter Assignments Saved Denzel Brooks opened a Web consulting business
ID: 2340500 • Letter: E
Question
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 NextExplanation / Answer
Journal entries
T- Account
date
explanation
debit
credit
1-Mar
cash
195000
cash
office equipment
28000
common stock
195000
prepaid rent
8000
capital account
223000
service revenue
6000
cash
6100
prepaid insurance
4500
2-Mar
prepaid rent
8000
drawings
6500
cash
8000
utility expense
1300
balance
174600
3-Mar
office equipment
4100
office supplies
2000
accounts payable
6100
office equipment
common stock
28000
balance
32000
6-Mar
cash
6000
cash
4000
service revenue
6000
Capital Account
9-Mar
accounts receivables
11000
balance
223000
cash
195000
service revenue
11000
office equipment
28000
12-Mar
accounts payable
6100
prepaid rent
cash
6100
cash
8000
balance
8000
19-Mar
prepaid insurance
4500
office equipment
cash
4500
accounts payable
4100
balance
4100
22-Mar
cash
4000
office supplies
accounts receivables
4000
accounts payable
2000
balance
3200
accounts payable
1200
25-Mar
accounsts receivables
4860
accounts payable
service revenue
4860
cash
6100
office equipment
4100
balance
1200
office supplies
2000
29-Mar
drawing
6500
office supplies
1200
cash
service revenue
balance
21860
cash
6000
30-Mar
office supplies
1200
accounts receivables
11000
accounts payable
1200
accounts receivables
4860
accounts receivables
31-Mar
utility expense
1300
service revenue
11000
cash
4000
cash
1300
service revenue
4860
balance
11860
Trial Balance
prepaid insurance
Explanation
Debit
Credit
cash
4500
balance
4500
cash
174600
office equipment
32000
drawings
Capital Account
223000
cash
6500
balance
6500
prepaid rent
8000
office equipment
4100
utility expense
office supplies
3200
cash
1300
balance
1300
accounts payable
1200
service revenue
21860
accounts receivables
11860
prepaid insurance
4500
drawings
6500
utility expense
1300
total
246060
246060
Journal entries
T- Account
date
explanation
debit
credit
1-Mar
cash
195000
cash
office equipment
28000
common stock
195000
prepaid rent
8000
capital account
223000
service revenue
6000
cash
6100
prepaid insurance
4500
2-Mar
prepaid rent
8000
drawings
6500
cash
8000
utility expense
1300
balance
174600
3-Mar
office equipment
4100
office supplies
2000
accounts payable
6100
office equipment
common stock
28000
balance
32000
6-Mar
cash
6000
cash
4000
service revenue
6000
Capital Account
9-Mar
accounts receivables
11000
balance
223000
cash
195000
service revenue
11000
office equipment
28000
12-Mar
accounts payable
6100
prepaid rent
cash
6100
cash
8000
balance
8000
19-Mar
prepaid insurance
4500
office equipment
cash
4500
accounts payable
4100
balance
4100
22-Mar
cash
4000
office supplies
accounts receivables
4000
accounts payable
2000
balance
3200
accounts payable
1200
25-Mar
accounsts receivables
4860
accounts payable
service revenue
4860
cash
6100
office equipment
4100
balance
1200
office supplies
2000
29-Mar
drawing
6500
office supplies
1200
cash
service revenue
balance
21860
cash
6000
30-Mar
office supplies
1200
accounts receivables
11000
accounts payable
1200
accounts receivables
4860
accounts receivables
31-Mar
utility expense
1300
service revenue
11000
cash
4000
cash
1300
service revenue
4860
balance
11860
Trial Balance
prepaid insurance
Explanation
Debit
Credit
cash
4500
balance
4500
cash
174600
office equipment
32000
drawings
Capital Account
223000
cash
6500
balance
6500
prepaid rent
8000
office equipment
4100
utility expense
office supplies
3200
cash
1300
balance
1300
accounts payable
1200
service revenue
21860
accounts receivables
11860
prepaid insurance
4500
drawings
6500
utility expense
1300
total
246060
246060
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