Problem 2-3A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2

Denzel Brooks opened a Web consulting business called Venture Consultants and completes the following transactions in March.

March		1		Brooks invested $170,000 cash along with $20,000 n office equipment in the company in exchange for common stock.
		2		The company prepaid $8,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $8,000.)
		3		The company made credit purchases of office equipment for $5,000 and office supplies for $2,000. Payment is due within 10 days.
		6		The company completed services for a client and immediately received $6,500 cash.
		9		The company completed a $9,800 project for a client, who must pay within 30 days.
		12		The company paid $7,000 cash to settle the account payable created on March 3.
		19		The company paid $4,200 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $4,200.)
		22		The company received $3,200 cash as partial payment for the work completed on March 9.
		25		The company completed work for another client for $5,390 on credit.
		29		The company paid $6,300 cash in dividends.
		30		The company purchased $1,900 of additional office supplies on credit.
		31		The company paid $900 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); Common Stock (307); Dividends (319); 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. Required 1 Required 2 Required 3 Prepare a trial balance as of the end of March. Credit VENTURE CONSULTANTS Trial Balance March 31 Debit Cash Accounts receivable ble Office supplies Prepaid insurance Prepaid rent Office equipment Accounts payable Common stock Dividends Services revenue Utilities expense Totals