Denzel Brooks opens a Web consulting business called Venture Consultants and com

Question

Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March. March 1 Brooks invested $160,000 cash along with $30,000 in office equipment in the company in exchange for common stock. 2 The company prepaid $7,000 cash for six months' rent for an office. (Hint Debit Prepaid Rent for $7,000.) 3 The company made credit purchases of office equipment for $2,700 and office supplies for $1,300. Payment is due within 10 days. 6 The company completed services for a client and immediately received $4,000 cash. 9 The company completed a $10,400 project for a client, who must pay within 30 days. 12 The company paid $4,000 cash to settle the account payable created on March 3 19 The company paid $4,600 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $4,600.) 22 The company received $4,900 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $3.840 on credit 29 The company paid $7100 cash in dividends. 30 The company purchased $600 of additional office supplies on credit. 31 The company paid $500 cash for this month's utility bill.

Explanation / Answer

Calculations:

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Trial Balance Debit Credit Common Stock    190,000 Cash*          145,700 Office Equipment*            32,700 Prepaid Rent              7,000 Prepaid Insurance              4,600 Accounts Payable*             600 Office Supplies*              1,900 Accounts Receivable*              9,340 Services Revenue*       18,240 Dividend              7,100 Utility Expesnes                  500          208,840    208,840

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