The following information applies to the questions displayed below Denzel Brooks
ID: 2611289 • Letter: T
Question
The 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. rch Brooks invested $195,000 cash along with $21,000 in office equipment in the company in exchange for common stock The company prepaid $6,500 cash for six months' rent for an office. (Hlint Debit Prepaid Rent for $6,50O) 3 The company made credit purchases of office equipment for $3.000 and office supplies for $1,300. Payment is due within 10 days The company completed services for a client and immediately received $5,500 cash The company completed a $12,100 project for a client, who must pay within 30 days The company paid $4,300 cash to settle the account payable created on March 3 The company paid $5,100 cash for the premium on a 12-month insurance policy. (Hint Debit Prepaid Insurance for $5,100) 2 The company received $5400 cash as partial payment for the work completed on March 9 The company completed work for another client for $4,020 on credit The company paid $6,500 cash in dividends The company purchased $1,500 of additional office supplies on credit H The company paid $1,400 cash for this month's utility bill. 1. 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); Common Stock (307); Dividends (319); Services Revenue (403); and Utilities Expense (690) Journal entry worksheet Brooks invested $195,000 cash ong "th $21,000 in office ewoment in the company in exchange for common stock Nate: EnterExplanation / Answer
March 01
March 02
March 03
March 06
March 09
March 12
March 19
March 22
March 25
March 29
March 30
March 31
Solution: Venture Consultants Date General Journal Debit CreditMarch 01
Cash 195,000 Office equipment 21,000 Common stock 216,000March 02
Prepaid rent 6,500 Cash 6,500March 03
Office equipment 3,000 Office supplies 1,300 Accounts payable 4,300March 06
Cash $5,500 Services revenue $5,500March 09
Accounts receivable 12,100 Services revenue 12,100March 12
Accounts payable 4,300 Cash 4,300March 19
Prepaid insurance 5,100 Cash 5,100March 22
Cash 5,400 Accounts receivable 5,400March 25
Accounts receivable 4,020 Services revenue 4,020March 29
Dividends 6,500 Cash 6,500March 30
Office supplies 1,500 Accounts payable 1,500March 31
Utilities expense 1,400 Cash 1,400 Please feel free to ask if anything about above solution in comment section of the question.Related Questions
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