Problem 2-3A (Static) 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 $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock. March 2 The company prepaid $6,000 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $6,000. March 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days. March 6 The company completed services for a client and immediately received $4,000 cash. March 9 The company completed a $7,500 project on credit for a client, who must pay within 30 days. March 12 The company paid $4,200 cash to settle the account payable created on March 3. March 19 The company paid $5,000 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $5,000. March 22 The company received $3,500 cash as partial payment for the work completed on March 9. March 25 The company completed work for another client for $3,820 on credit. March 29 The company paid a $5,100 cash dividend. March 30 The company purchased $600 of additional office supplies on credit. March 31 The company paid $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); 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.

Post the journal entries from part 1 to the ledger accounts. Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Rece Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); Accounts Payable (201); Dividends (319); Services Revenue (403); and Utilities Expense (690). Journal entry worksheet Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common stock. Note: Enter debits before credits