Denzel Brooks opened a Web consulting business called VentureConsultants and completes the following transactions inMarch.
| March | | 1 | | Brooks invested $185,000 cash along with $29,000 n officeequipment in the company in exchange for common stock. |
| | 2 | | The company prepaid $8,500 cash for six months' rent for anoffice. (Hint: Debit Prepaid Rent for $8,500.) |
| | 3 | | The company made credit purchases of office equipment for$2,600 and office supplies for $2,500. Payment is due within 10days. |
| | 6 | | The company completed services for a client and immediatelyreceived $3,000 cash. |
| | 9 | | The company completed a $8,900 project for a client, who mustpay within 30 days. |
| | 12 | | The company paid $5,100 cash to settle the account payablecreated on March 3. |
| | 19 | | The company paid $7,100 cash for the premium on a 12-monthinsurance policy. (Hint: Debit Prepaid Insurance for$7,100.) |
| | 22 | | The company received $3,200 cash as partial payment for thework completed on March 9. |
| | 25 | | The company completed work for another client for $3,750 oncredit. |
| | 29 | | The company paid $7,300 cash in dividends. |
| | 30 | | The company purchased $600 of additional office supplies oncredit. |
| | 31 | | The company paid $800 cash for this month's utility bill. |
Required:
1. Prepare general journal entries to record thesetransactions using the following titles: Cash (101); AccountsReceivable (106); Office Supplies (124); Prepaid Insurance (128);Prepaid Rent (131); Office Equipment (163); Accounts Payable (201);Common Stock (307); Dividends (319); Services Revenue (403); andUtilities Expense (690).
2. Post the journal entries from part 1 to theledger accounts.
3. Prepare a trial balance as of the end ofMarch.
