29 Jun Question Denzel Brooks opens a Web consulting business called
Question
Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March.
March 1
Brooks invested $180,000 cash along with $22,000 in office equipment in exchange for common stock.
2
The company prepaid $7,500 cash for six months’ rent for an office. (Hint: Debit Prepaid Rent for $7,500.)
3
The company made credit purchases of office equipment for $2,800 and office supplies for $1,300. Payment is due within 10 days.
6
The company completed services for a client and immediately received $6,000 cash.
9
The company completed a $12,100 project for a client, who must pay within 30 days.
12
The company paid $4,100 cash to settle the account payable created on March 3.
19
The company paid $7,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $7,000.)
22
The company received $5,400 cash as partial payment for the work completed on March 9.
25
The company completed work for another client for $5,170 on credit.
29
The company paid $4,900 cash in dividends.
30
The company purchased $500 of additional office supplies on credit.
31
The company paid $900 cash for this month’s utility bill.
Prepare Journal entries, Ledger accounts and Trial Balance
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