Preparing and posting journal entries; preparing a trial balance Denzel Brooks opened a Web consulting
Fantastic news! We've Found the answer you've been seeking!
Question:
Preparing and posting journal entries; preparing a trial balance
Denzel Brooks opened a Web consulting business called Venture Consultants and completed the following transactions in March.
March Brooks invested $ cash along with $ in office equipment in the company in exchange for common stock.
March The company prepaid $ cash for six months' rent for an office. Hint: Debit Prepaid Rent for $
March The company made credit purchases of office equipment for $ and office supplies for $ Payment is due within days.
March The company completed services for a client and immediately received $ cash.
March The company completed a $ project on credit for a client, who must pay within days.
March The company paid $ cash to settle the account payable created on March
March The company paid $ cash for the premium on a month insurance policy. Hint: Debit Prepaid Insurance for $
March The company received $ cash as partial payment for the work completed on March
March The company completed work for another client for $ on credit.
March The company paid a $ cash dividend.
March The company purchased $ of additional office supplies on credit.
March The company paid $ cash for this month's utility bill.
Required:
Prepare general journal entries to record these transactions using the following titles: Cash ; Accounts Receivable ; Office Supplies ; Prepaid Insurance ; Prepaid Rent ; Office Equipment ; Accounts Payable ; Common Stock ; Dividends ; Services Revenue ; and Utilities Expense
Post the journal entries from part to the ledger accounts.
Prepare a trial balance as of the end of March.
Related Book For
Elementary Linear Algebra with Applications
ISBN: 978-0471669593
9th edition
Authors: Howard Anton, Chris Rorres
Posted Date: