ezto mheduc Virginia Community College System ls Northern Virginia Community Col

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ezto mheduc Virginia Community College System ls Northern Virginia Community Coll... ACC 211: Mon-Wed 00pm041L Summer 2016 ACCOUNTING Questions 2 4 (of 4) IThe following information applies to the questions displayed below] 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 $29,000 in office equipment in exchange for common stock. 2 The company prepaid $9.500 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $9,500) 3 The company made credit purchases of office equipment for $4.700 and office supplies for $2.100. Payment is due within 10 days. 6 The company completed services for a client and immediately received $4,500 cash. 9 The company completed a $9,700 project for a client, who must pay within 30 days. 12 The company paid $6,800 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 $3.900 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4.830 on credit. 29 The company paid $4,600 cash in dividends. 30 The company purchased $600 of additional office supplies on credit. The company paid $500 cash for this month's utility bill. 5.00 points

Explanation / Answer

cash account Date Debit Date credit 1-Mar 160,000 2-Mar 9,500 6-Mar 4,500 12-Mar 6,800 22-Mar 3,900 19-Mar 4,600 29-Mar 4,600 31-Mar 500 balance 142,400 account receivable date debit date credit 9-Mar 9,700 22-Mar 3,900 25-Mar 4,830 balance 10,630 prepaid insurance date debit date credit 19-Mar 4,600 balance 4,600 office supplies date debit date credit 3-Mar 2,100 30-Mar 600 balance 2,700 office equipement date debit date credit 1-Mar 29,000 3-Mar 4,700 balance 33,700 common stock date debit date credit 1-Mar 189,000 prepaid rent date debit date credit 2-Mar 9,500 accounts payable Date debit date credit 12-Mar 6,800 3-Mar 6,800 macrh 30 600 balance 600 service revenue date debit date credit 6-Mar 4,500 9-Mar 9,700 25-Mar 4,830 balance dividends date debit date credit 29-Mar 4,600 Utilities expense date debit date credit 31-Mar 500 debit credit cash 142,400 account receivable 10,630 prepaid insurance 4,600 office supplies 2,700 office equipment 33,700 common stock 189,000 prepaid rent 9,500 accounts payable 600 servic e revenue 19,030 Dividends 4,600 Utilities 500 total 208,630 208,630

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