2-3A (Algo) Preparing and posting journal entries; preparing a trial balance LO A1, P1 Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March. March 1 Brooks invested $195,000 cash along with $26,000 in office equipment in the company. March 2 The company prepaid $9,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $9,000. March 3 The company made credit purchases of office equipment for $3,800 and office supplies for $2,300. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $5,000 cash, March 9 The company completed a $9,000 project on credit for a client, who must pay within 30 days.. March 12 The company paid $6,100 cash to settle the account payable created on March 3. March 19 The company paid $4,600 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $4,600. March 22 The company received $3,100 cash as partial payment for the work completed on March 9.) March 25 The company completed work for another client for $4,380 on credit. March 29 Brooks withdrew $5,000 cash from the company for personal use. March 30 The company purchased $1,500 of additional office supplies on credit. March 31 The company paid $1,500 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 below. es View transaction list Journal entry worksheet C 1 2 3 5 6 8 12 > Brooks invested $195,000 cash along with $26,000 in office equipment in the company. Note: Enter debits before credits. General Journal Debit Credit 195,000 26,000 221,000 Date March 01 Cash Office equipment D. Brooks, Capital Record entry Clear entry View general journal Prev 2 of 2 Next 101: Cash 106: Accounts Receivable Date Debit Credit Balance Date Debit Credit Balance March 1 195,000 195,000 March 9 9,000 9,000 March 6 5,000 200,000 March 25 4,380 13,380 March 22 3,100 203,100 March 22 3,100 10,280 March 2 9,000 194,100 March 12 6,100 188,000 March 19 4,600 183,400 March 29 5,000 178,400 March 31 1,500 176,900 124: Office Supplies 128: Prepaid Insurance Date Debit Credit Balance Date: Debit Credit Balance March 31 March 30 2,300 1,500 2,300 3,800 March 19 4,600 4,600 131: Prepaid Rent Date Debit Credit Balance Date March 2 9,000 9,000 March 1 March 3 163: Office Equipment Debit 26,000 3,800 Credit Balance 26,000 29,800 Date March 12 12 March 31 March 3 March 30 Date March 29 201: Accounts Payable Debit. Credit Balance Date 6,100 6,100 March 1 3,800 9,900 March 11 2,300 12,200 1,500 13,700 302: D. Brooks, Withdrawals Debit Credit Balance Date March 6 March 9 690: Utilities Expense Date Debit March 31 Credit Balance March 25 301: D. Brooks, Capital Debit Credit Balance 26,000 26,000 195,000 221,000 403: Services Revenue Debit < Prev 2 of 2 Next Credit Balance 2 ts Required 1 Required 2 Required 3 Prepare a trial balance as of the end of March. VENTURE CONSULTANTS Trial Balance March 31 Debit eBook Print eferences raw PPM Credit Totals $ 0 $ < Required 2 Required 3 < Prev 2 of 2 Next