Question

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

March		1		Brooks invested $160,000 cash along with $24,000 in office equipment in the company in exchange for common stock.
		2		The company prepaid $6,500 cash for six months' rent for an office. Hint: Debit Prepaid Rent for $6,500.
		3		The company made credit purchases of office equipment for $3,700 and office supplies for $2,400. Payment is due within 10 days.
		6		The company completed services for a client and immediately received $5,500 cash.
		9		The company completed a $7,400 project for a client, who must pay within 30 days.
		12		The company paid $6,100 cash to settle the account payable created on March 3.
		19		The company paid $5,800 cash for the premium on a 12-month insurance policy. Hint: Debit Prepaid Insurance for $5,800.
		22		The company received $5,100 cash as partial payment for the work completed on March 9.
		25		The company completed work for another client for $4,490 on credit.
		29		The company paid a $4,900 cash dividend.
		30		The company purchased $700 of additional office supplies on credit.
		31		The company paid $1,300 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

^{I did some already not sure if they are right}

	VENTURE CONSULTANTS Trial Balance March 31 Debit Credit Cash Accounts receivable Office supplies Prepaid insurance Prepaid rent Common stock Dividends Services revenue Utilities expense Totals $

101: Cash					106: Accounts Receivable
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Mar 1	160,000		160,000		Mar 9	7,400		7,400
	5,500		165,500		Mar 25	4,490		11,890
	5,100		170,600		Mar 22		5,100	6,790
Mar 2		6,500	164,100
Mar 12		6,100	158,000
Mar 19		5,800	152,200
Mar 29		4,900	147,300
Mar 31		1,300	146,000
124: Office Supplies					128: Prepaid Insurance
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Mar 3	2,400		2,400		Mar 19	5,800		5,800
Mar 30	700		3,100
131: Prepaid Rent					163: Office Equipment
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Mar 2	6,500		6,500		Mar 1	24,000		24,000
					Mar 3	3,700		27,700
201: Accounts Payable					307: Common Stock
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Mar 12	6,100		(6,100)		Mar 1		160,000	160,000
Mar 3		6,100	0				24,000	184,000
Mar 30		700	700
319: Dividends					403: Services Revenue
Date	Debit	Credit	Balance		Date	Debit	Credit	Balance
Mar 29	4,900		4,900		Mar 6		5,500	5,500
					Mar 9		7,400	12,900
					Mar 25		4,490	17,390
690: Utilities Expense
Date	Debit	Credit	Balance
Mar 31	1,300		1,300

Answer 1

Req 1

Date	General Journal	Debit	Credit
Mar-01	Cash	160,000
	Office equipment	24,000
	Common stock		184,000
Mar-02	Prepaid rent	6,500
	Cash		6,500
Mar-03	Office equipment	3,700
	Office supplies	2,400
	Accounts payable		6,100
Mar-06	Cash	5,500
	Services revenue		5,500
Mar-09	Accounts receivable	7,400
	Services revenue		7,400
Mar-12	Accounts payable	6,100
	Cash		6,100
Mar-19	Prepaid insurance	5,800
	Cash		5,800
Mar-22	Cash	5,100
	Accounts receivable		5,100
Mar-25	Accounts receivable	4,490
	Services revenue		4,490
Mar-29	Dividends	4,900
	Cash		4,900
Mar-30	Office supplies	700
	Accounts payable		700
Mar-31	Utilities expense	1300
	Cash		1,300

Req 2

Cash
Date	Debit	Credit	Balance
Mar-01	160,000		160,000
Mar-02		6,500	153,500
Mar-06	5,500		159,000
Mar-12		6,100	152,900
Mar-19		5,800	147,100
Mar-22	5,100		152,200
Mar-29		4,900	147,300
Mar-31		1,300	146,000
Accounts Receivable
Date	Debit	Credit	Balance
Mar-09	7,400		7,400
Mar-22		5,100	2,300
Mar-25	4,490		6,790
Office Supplies
Date	Debit	Credit	Balance
Mar-03	2,400		2,400
Mar-30	700		3,100
Prepaid Insurance
Date	Debit	Credit	Balance
Mar-19	5,800		5,800
Prepaid Rent
Date	Debit	Credit	Balance
Mar-02	6,500		6,500
Office Equipment
Date	Debit	Credit	Balance
Mar-01	24,000		24,000
Mar-03	3,700		27,700
Accounts Payable
Date	Debit	Credit	Balance
Mar-03		6,100	6,100
Mar-12	6100		0
Mar-30		700	700
Common Stock
Date	Debit	Credit	Balance
Mar-01		184,000	184,000
Dividends
Date	Debit	Credit	Balance
Mar-29	4,900		4,900
Service Revenue
Date	Debit	Credit	Balance
Mar-06		5,500	5,500
Mar-09		7,400	12,900
Mar-25		4,490	17,390
Utilities Expense
Date	Debit	Credit	Balance
Mar-31	1300		13000

Req 3

VENTURE CONSULTANTS
Trial Balance
Mar-31
	Debit	Credit
Cash	146,000
Accounts receivable	6,790
Office supplies	3,100
Prepaid insurance	5,800
Prepaid rent	6,500
Office equipment	27,700
Accounts payable		700
Common stock		184,000
Dividends	4,900
Services revenue		17,390
Utilities expense	1,300
Totals	202,090	202,090