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Kaseb Nawar opens a Web consulting business called Meshreki Consultants and completes the following transactions in...


Kaseb Nawar opens a Web consulting business called Meshreki Consultants and completes the following transactions in March. Ma
Kaseb Nawar opens a Web consulting business called Meshreki Consultants and completes the following transactions in March. March 1 Nawar invested $170,000 cash along with $27,000 in office equipment in the company. 2 The company prepaid $6,500 cash for six months' rent for an office. 3 The company made credit purchases of office equipment for $5,000 and office supplies for $2,100. 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 $11,600 project for a client, who must pay within 30 days. 12 The company paid $7,100 cash to settle the account payable created on March 3. 19 The company paid $5,500 cash for the premium on a 12-month insurance policy. 22 The company received $4,900 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $4,610 on credit. 29 Nawar withdrew $6,700 cash from the company for personal use. 30 The company purchased $1,500 of additional office supplies on credit. 31 The company paid $600 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; K. Nawar, Capital; K. Nawar. Withdrawals; Services Revenue; and Utilities Expense. ANSWER No. Date General Journal Debit Credit
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ReportAnswer #1

Journal

No

Date

Account Title and Explanation

Debit

Credit

1 March 1 Cash 170,000
Office equipment 27,000
K.Nawar, capital 197,000
2 March 2 Prepaid rent 6,500
Cash 6,500
3 march 3 Office equipment 5,000
Office supplies 2,100
Accounts payable 7,100
4 march 6 Cash 6,000
Service revenue 6,000
5 March 9 Accounts receivable 11,600
Service revenue 11,600
6 March 12 Accounts payable 7,100
Cash 7,100
7 March 19 Prepaid insurance 5,500
Cash 5,500
8 March 22 Cash 4,900
Accounts receivable 4,900
9 March 25 Accounts receivable 4,610
Service revenue 4,610
10 March 29 K. Nawar, withdrawals 6,700
Cash 6,700
11 March 30 Office supplies 1,500
Accounts payable 1,500
12 March 31 Utility expense 600
Cash 600
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