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

Problem 2-3A Preparing and posting journal entries; preparing a trial balance LO C3, C4, A1, P1, P2 Denzel Brooks opened a We101: Cash 106: Accounts Receivable Date Credit Balance Credit Debit Date Debit Balance 124: Office Supplies 128: Prepaid Insu163: Office Equipment 131: Prepaid Rent Credit Credit Date Debit Balance Date Debit Balance 201: Accounts Payable 307: Common

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 completed the following transactions in March. 1 Brooks invested $150,000 cash along with $22,000 in office equipment in the company in exchange for common March stock 2 The company prepaid $6,000 cash for six months' rent for an office. (Hint: Debit Prepaid Rent for $6,000.) 3 The company made credit purchases of office equipment for $3,000 and office supplies for $1,200. Payment is due within 10 days 6 The company completed services for a client and immediately received $4,000 cash the a ent, who paY w March 3. company comple ys. 12 The $4,200 19 The company paid $5,000 cash for the premium on a 12-month insurance policy. (Hint: Debit Prepaid Insurance for $5,000.) 22 The company received $3,500 cash as partial payment for the work completed on March 9. 25 The company completed work for another client for $3,820 on credit 29 The company paid $5,100 cash in dividends. 30 The company purchased $600 of additional office supplies on credit 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 trial balance as of the end of March
101: Cash 106: Accounts Receivable Date Credit Balance Credit Debit Date Debit Balance 124: Office Supplies 128: Prepaid Insurance Debit Date Credit Balance Date Debit Credit Balance
163: Office Equipment 131: Prepaid Rent Credit Credit Date Debit Balance Date Debit Balance 201: Accounts Payable 307: Common Stock Date Debit Credit Balance Date Debit Credit Balance 319: Dividends 403: Services Revenue Date Credit Balance Credit Debit Date Debit Balance 690: Utilities Expense Balance Date Debit Credit
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